McCollum Holds the House Floor to Prevent a Devastating Default

WASHINGTON, May 26 -- Rep. Betty McCollum, D-Minnesota, issued the following news release:

Congresswoman Betty McCollum (MN-04) joined fellow Democrats on the House floor to demand the House Republican majority do their jobs and pay America's bills.

"House Republican leaders have introduced legislation to make permanent the Trump tax cuts for the rich and balloon the federal deficit--while at the same time, they are holding our economy hostage by demanding disastrous funding cuts to air traffic safety, rail safety, and as we approach Memorial Day, even breaking promises to our veterans," McCollum said. "House Republicans created this crisis, and they can prevent a devastating default on our debt and protect the American people."

House Republicans created this crisis and then rushed out of town for the long weekend, days away from a catastrophic default on our debt that will cost families dearly. This Republican default on our debt would:

* Kill about 7,300 jobs in MN-04 alone. Nationwide, a default could kill more than 7 million jobs.

* Jeopardize Social Security payments for 79,000 families in MN-04.

* Put health benefits at risk for 256,000 people in MN-04 who rely on Medicare, Medicaid, or Veterans Affairs health coverage.

* Increase lifetime mortgage costs for the typical homeowner in Minnesota by $51,000.

* Raise the costs of a new car loan for the typical American by $800.

* Threaten the retirement savings of 87,000 people near retirement in MN-04, eliminating $20,000 from the typical retirement portfolio.

Democrats are united to pay America's bills without political stunts. Congresswoman McCollum has signed on to legislation that allows a solution that prevents default and saves our economy. If just five House Republicans sign the same legislation, the crisis can be ended immediately.

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View video here: https://youtu.be/6kqSa-0kzQY

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Original text here: https://mccollum.house.gov/media/press-releases/mccollum-holds-house-floor-prevent-devastating-default