Central OC Times

WASHINGTON, D.C. — On April 26, Representative Lou Correa (CA-46) voted against Republican-led debt ceiling legislation which, if adopted without putting forth a tenable budget and coming to the negotiating table in good faith, would lead to a catastrophic default on our national debt and irreparable damage to working families across the country, and released the following statement:

“This misguided piece of legislation attempts to meet our debt limit obligations by slashing funding for programs that American families rely on,” said Rep. Correa. “Make no mistake: this puts our nation’s economic security at risk. By doing so, it sets hundreds of thousands of Americans on a path to be kicked out of their homes, restricts access to child care for families, pulls public safety officers off the street and teachers out of classrooms, and makes our nation and our borders less secure.”

In California’s 46th Congressional District, a default on the national debt would be devastating. It would:

• Kill about 7,500 jobs in CA-46 alone. Nationwide, a default could kill more than 7 million jobs.
• Jeopardize Social Security payments for 51,000 families in CA-46.
• Put health benefits at risk for 309,000 people in CA-46 who rely on Medicare, Medicaid, or Veterans Affairs health coverage.
• Threaten the retirement savings of 81,600 people near retirement in CA-46, eliminating $20,000 from the typical retirement portfolio.

“I won’t allow the Republican majority to force a default on our debt and cause an economic disaster that will cost Orange County families dearly,” Correa concluded. “They are playing a game of chicken, putting essential programs millions of Americans rely on the chopping block and threatening to default on our debt to do it. If they succeed, unemployment will double and the stock market will crash; car payments, student loans, credit card bills, and mortgages will skyrocket; and seniors near retirement will lose tens of thousands in savings and seniors on Social Security and veterans won’t get the benefits they have earned. It would be unconscionable and un-American.”

The legislation introduced by the Speaker is exactly as House Democrats have warned it would be—across-the-board cuts of at least $142 billion (or 9 percent) for critical government programs, which would likely climb to 22 percent or higher for non-defense discretionary programs. The legislation further seeks to lock in those cuts by bringing back the looming threat of sequestration for 10 years. By all accounts, Speaker McCarthy’s regime would ensure that by the year 2033, nondefense programs would still be at least 15 percent below their current levels.

Original source can be found here.