Memphis Standard

WASHINGTON, DC – On April 26, Congressman Steve Cohen (TN-09) voted against the Limit, Save, Grow Act(H.R. 2811). This extreme budget proposal pushed forward by the current House majority presents Americans with two bad choices: a default on our nation’s debt and a devastated economy, or inflicting pain on everyday people with deep cuts to federal programs that are relied on by millions nationwide.

Democrats in Congress worked across the aisle three times during the Trump Administration to raise the debt ceiling and avoid default. Now, however, the House majority are refusing to negotiate in good faith to raise the debt ceiling and to abide by their oath to protect the full faith and credit of the United States—even though much of America’s debt has been accumulated under Republican presidencies, most recently and most emphatically under former President Trump. Twenty-five percent of America’s current debt was accumulated during the four years of the Trump Administration, and the House majority are refusing to negotiate in order to pay those bills.

"When you vote for things like the President Bush’s Iraq War—which was based on a lie about weapons of mass destruction—or for President Trump’s tax scheme in which 83% of benefits went to the top wealthiest 1% of Americans, there comes a time to pay the piper,” said Congressman Cohen. “These are the exact sort of Republican-led expenditures that the current House majority are now refusing to pay for. Instead, despite the oath of office that all of us took to protect the full faith and credit of the United States, they’re choosing a path forward that would see our nation default on its debt, which would shut down the government, cause the stock market to tank, and tip our country into an economic recession. The Limit, Save, Grow Act—which we Democrats refer to more aptly as the Default On America Act—is based on lies to the American public about what it will actually do. It couldn’t have been more fitting, then, that for the final vote in favor of this ruinous budget proposal, Speaker McCarthy personally escorted the biggest liar in Congress down to the well to cast the final vote: Rep. George Santos. This entire process has been a shameful and deceitful display.”

“My fellow House Democrats and I are committed to preventing a catastrophic default, pursuing sustainable deficit reduction, and making smart investments in America's future,” Rep. Cohen continued.“ It is high time for House Republicans to abandon their foolish political brinkmanship, and join us in protecting our economy and securing a prosperous future for all Americans.

By refusing to act now to prevent a default, House Republicans are threatening an economic disaster that will devastate everyday Americans. In Tennessee’s Ninth Congressional District, a default on our debt would: 

• Kill approximately 7,200 jobs as unemployment doubles;
• Threaten the retirement savings of 91,900 people who are near retirement, eliminating $20,000 from the typical retirement portfolio;
• Put Medicare, Medicaid, and Veterans Affairs health benefits at risk for 298,000 people; and
• Jeopardize Social Security payments for 82,000 seniors and families.

However, the House majority’s budget proposal is hardly a good alternative. In Memphis and throughout Tennessee, the extreme House Republican budget proposal would:     

• Put thousands of people at risk of losing Medicaid coverage;
• Threaten access to food assistance for 24,000 people aged 50-55;
• Eliminate preschool and childcare for at least 6,800 children;
• Increase housing costs for at least 9,500 people;
• Make college more expensive for at least 131,400 students;
• Eliminate at least three air traffic control towers;
• Cut at least 180 rail safety inspection days; and
• Repeal investments in cleaner, cheaper energy—threatening at least 3,253 clean energy and manufacturing jobs announced in Tennessee since the passage of the Inflation Reduction Act.

House Democrats have already cut the deficit by historic levels and President Biden’s budget is projected to reduce deficits by $3 trillion more over the next 10 years while investing in America, lowering costs by making childcare, health care, and housing more affordable, supporting better schools, and strengthening our infrastructure.

Original source can be found here.