West SGV News

WASHINGTON, DC – On April 26, Rep. Grace F. Napolitano (D-El Monte) voted against H.R. 2811, the Default on America Act, an extreme MAGA Republican bill that offers Americans a lose-lose scenario—either House Republicans will wreck the economy or inflict cruel cuts that hurt everyday people.

“Congress must pay our bills and prevent a devastating default on our debt, but House Republicans are threatening to wreck our economy unless they can force cruel cuts that hurt families in the San Gabriel Valley and everywhere,” Napolitano said. “My fellow House Democrats and I are ready to act now to prevent an unthinkable default on our debt, to continue our historic deficit reduction, and responsibly invest in America to lower costs and create better paying jobs. We will not, however, give in to Republicans who are holding our nation’s economy hostage to meet their demands. I voted no on this reckless bill.”

By refusing to act now to prevent a default, House Republicans are threatening an economic disaster that would devastate everyday Americans. A Republican default on the nation’s debt would:

• Kill about 7,200 jobs in CA-31 alone. Nationwide, a default could kill more than 7 million jobs.
• Jeopardize Social Security payments for 67,000 families in CA-31.
• Put health benefits at risk for 309,000 people in CA-31 who rely on Medicare, Medicaid, or Veterans Affairs health coverage.
• Increase lifetime mortgage costs for the typical homeowner in California by $92,000.
• Raise the costs of a new car loan for the typical American by $800.
• Threaten the retirement savings of 92,900 people near retirement in CA-31, eliminating $20,000 from the typical retirement portfolio.

The Default on America Act is no alternative, as this Republican scheme would:

• Put 2,673,000 people at risk of losing Medicaid coverage in California.
• Threaten access to food assistance for 136,000 people aged 50-55 in California.
• Eliminate preschool and child care for at least 35,200 children in California.
• Increase housing costs for at least 83,200 people in California.
• Make college more expensive for at least 874,300 students in California.
• Eliminate at least 20 air traffic control towers in California.
• Cut at least 380 rail safety inspection days in California.
• Repeal investments in cleaner, cheaper energy — threatening at least 2,500 clean energy and manufacturing jobs announced in California since the passage of the Inflation Reduction Act.

Napolitano and her House Democratic colleagues have already cut the deficit by historic levels, and President Biden’s budget reduces deficits by $3 trillion more over the next 10 years while investing in America—lowering costs by making child care, health care, and housing more affordable, supporting better schools, and strengthening America’s infrastructure.

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Economy

Original source can be found here.