PRESS RELEASE: MCCONNELL & REPUBLICANS PUTTING AMERICAN FAMILIES AT RISK WITH DEBT LIMIT HYPOCRISY

FOR IMMEDIATE RELEASE
September 15, 2021

Contact:
Maddy McDaniel, Communications Director
[email protected] or 914-471-7716

MCCONNELL & REPUBLICANS PUTTING AMERICAN FAMILIES AT RISK WITH DEBT LIMIT HYPOCRISY

Sen. McConnell: “Let me be crystal clear about this: Republicans are united in opposition to raising the debt ceiling.”

McConnell Has Voted to Raise the Debt Limit 32 Times Over His Career

Moody’s Analytics’ Mark Zandi Says Failing to Raise the Debt Ceiling Would Be “Financial Armageddon” 

Failing to raise the debt limit would cause an economic catastrophe that would deeply harm middle class American families. Yet Senate Minority Leader Mitch McConnell and Republicans continue to oppose raising the debt ceiling, claiming today that they are united in their opposition. This is despite the fact that the GOP has raised or suspended the debt ceiling under Republican presidents 10 times in the past 20 years.

Invest in America Action senior advisor Zac Petkanas issued the following statement: 

“The hypocrisy of Senator McConnell’s pledge to oppose raising the debt limit is stunning. McConnell and his fellow Republicans happily suspended the debt limit three times under the previous administration — and McConnell himself has voted to raise the debt limit 32 times in his career.

“It’s clear that McConnell is playing politics with America’s economy and the financial security of middle class families. Business leaders and financial experts know we can’t risk that by failing to raise or suspend the debt limit — one independent forecaster said it could cause a ‘financial Armageddon.’

“It’s time for Senator McConnell to pass a debt limit increase – just as both parties have done almost 80 times in the past since 1960 — and put hard-working American families before party politics.”

Republicans in Congress have consistently voted to raise or suspend the debt ceiling, even after costly tax cuts for the wealthy. 

  • Between 2017 and 2019a majority of GOP senators supported raising or suspending the debt ceiling three times, including after the passage of the Tax Cuts and Jobs Act which the CBO estimated would increase the deficit by $1.9 trillion.

  • Between 2001 and 2008, a majority of GOP senators supported raising the debt ceiling seven times, including tax cuts that added $5.6 trillion to the deficit.

Failing to raise the debt ceiling would be catastrophic for American families. 

  • Seniors could lose Social Security checks, putting almost 22 million Americans at risk of falling into poverty.

  • Families could lose Child Tax Credit payments.

  • Military families could suffer as the Treasury becomes unable to pay military salaries.

  • Government employees and contractors could see their pay halt, and loans to small businesses could stop.

  • Household payments on mortgages, auto loans, and credit cards could rise.

  • American corporations and small businesses could see credit markets deteriorate.

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