Washington, D.C.– Yesterday, U.S. Congressman Henry Cuellar (TX-28), a senior member of the Appropriations Committee, voted for must-pass legislation to prevent a default on the federal debt, which would result in economic catastrophe for nearly every American family.
This crucial legislation suspends the debt ceiling through December 2022, so that the federal government can continue to meet the financial obligations it has already made. This includes the bipartisan December COVID relief legislation, Social Security and Medicare benefits, services for veterans and paychecks for members of the military.
“Threatening the full faith and credit of the United States puts the financial security of millions of hard-working Americans at risk,” said Congressman Cuellar. “Failing to address the debt limit is like racking up charges on a credit card and refusing to pay the bill. Right now, America’s credit card bill includes payments for veterans, Social Security beneficiaries and our troops. We have an obligation to safeguard America’s full faith and credit, and we call on Republicans to join us in this solemn duty.”
Failing to address the debt ceiling would put at risk the financial futures of nearly every American family. A recent study by Moody’s showed that a debt default:
• Would cost the U.S. economy up to 6 million jobs;
• Wipe out potentially $15 trillion in household wealth;
• Send borrowing rates skyrocketing; and
• Double the unemployment rate, surging up to nine percent.