Congressman Horsford Highlights Constituents Who Would Suffer Under Republican-forced Default on U.S. Debts
Nevada Senior Services President and CEO, Jeff Klein, participated in virtual press conference to discuss our nation’s default crisis. House Republicans created this crisis and have now rushed out of town for the long weekend, days away from a catastrophic default on our debt that will cost Nevada families dearly.
“We have a bill ready to raise our debt limit and prevent this economic tragedy. All we need is five common-sense Republicans to join us to pass that bill,” Congressman Horsford said during the press conference. “We can avoid default and protect our jobs and the economy, and fund essential services that so many of my constituents rely on. This is a self-inflicted crisis made up by extreme factions in the Republican Caucus.”
This Republican default on our debt would:
- Kill about 7,000 jobs in NV-04 alone. Nationwide, a default could kill more than 7 million jobs.
- Jeopardize Social Security payments for 87,000 families in NV-04.
- Put health benefits at risk for 305,000 people in NV-04 who rely on Medicare, Medicaid, or Veterans Affairs health coverage.
- Increase lifetime mortgage costs for the typical homeowner in Nevada by $61,000.
- Raise the costs of a new car loan for the typical American by $800.
- Threaten the retirement savings of 96,700 people near retirement in NV-04, eliminating $20,000 from the typical retirement portfolio.
Horsford shared stories from seven of his constituents who would be affected by a disastrous default on our country’s obligations.