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Saturday, May 20, 2023
Wall Street Breakfast: What Moved Markets
Thursday, May 11, 2023
***BREAKING NEWS*** 22 days away from a national default
Dear Rob,
Breaking news! We are an estimated 22 days away from the GOP-created debt ceiling crisis becoming a world-wide problem. [1] If Congress doesn't take immediate action to raise the debt ceiling, like Trump did three times on his watch [2], we will– for the first time in history – default, leading to a domino effect of economic downturn, layoffs, increased poverty, and a recession. No one wants that!
Earlier this week President Biden and Democrats in Congress held firm while the Republican leadership continued to play chicken with our families, children, and economy–insisting that they will only raise the debt ceiling if Democrats agree to MASSIVE and damaging cuts to health care, child care, nutrition programs, and veteran's programs. [3] And while Republicans profess concern about the debt, they are holding tight to the tax breaks that have massively enriched billionaires and big corporations during the Trump administration and COVID.
We know what our families and economy need and a man-made manufactured crisis is not it!
***TAKE ACTION NOW! Sign our letter to the U.S. Congress calling on them to immediately raise the debt ceiling and reject unnecessary cuts that will put our families, children, jobs, and economy in danger! -When you click, you'll automatically sign on if we already have your information.
Here's what's going on: Extremist Republicans in the House of Representatives, led by Speaker Kevin McCarthy (R) are using a threat to not raise the debt ceiling (which would cause economic chaos in the U.S. and around the world) in an attempt to force Democrats to cut critically important programs that lift families and the economy like Medicaid, Medicare, food stamps (SNAP), WIC, child care, veteran's programs, and other vital programs that are necessary to our nation's families, businesses, and economy. Speaker McCarthy and Republicans in Congress are bullying our families with this ultimatum: Send our economy into a tailspin through default OR cut the very investments – like Medicaid, food and rental assistance, child care, and more – that allow families to thrive. Meanwhile, their plan racks up more debt by allowing billionaires to evade their taxes, then asks families to foot the bill.
This is not a test. Not raising the debt ceiling, i.e. defaulting, would lead to 6 million veterans and their beneficiaries losing benefits, families seeing monthly rental and child care assistance delayed, 65 million people would not get their Social Security checks, and small businesses around the country could see payments from the federal government delayed, hitting a range of industries, from construction and cleaning services to health care and food services.
A default of any form would almost definitely catapult our already struggling economy into a recession leading to layoffs, increased poverty, and health risks. [3] That's why Congress has always raised the debt ceiling. The irresponsible and harmful budget cuts Republicans are suggesting in return for avoiding default will mean more families and children will go hungry–41.5 million people could lose SNAP (food stamps) and 200,000 low-income children could lose access to Head Start, while 100,000 others would lose the child care assistance they need to access early learning. [5]
If policymakers really care about deficit reduction, they can make the rich and corporations pay their fair share of taxes, not take food, childcare, and healthcare away from children and families!!
The real-world impacts of the Republican manufactured crisis can't be ignored! We need to speak out NOW to protect our children, families, jobs, and economy!
We know the debate about the debt ceiling is confusing – that's why we made a video to explain it! Please watch and share our video explaining what this "debt ceiling default" conversation is all about and then sign our letter calling on Congress to "raise the debt ceiling without delay!" -When you click, you'll automatically sign on if we already have your information.
The message we are sending to Congress is short and simple–yet incredibly important:
Dear Member of Congress:
With extreme urgency, we are calling on you to pass a clean raise in the debt ceiling without any cuts to funding, barriers to nutrition or health programs, or additional political maneuvers that put the health, safety, and well-being of our children, families, and economy at risk.
Sincerely,
There is a path forward that values our families and communities - that puts no limit on the what our families and children can achieve. We can invest in Medicaid so that no matter your zip code or how old you are, you have access to high quality affordable health care. We can invest in SNAP so that more families aren't staring down hunger amidst rising food costs. We can ensure that more families have the income they need to provide the basics for themselves and their children. We can invest in child care, paid leave, and home and community based services, so that our families can balance work and caring for our loved ones. And we can afford to do these things by asking the wealthy and corporations to pay their fair share in taxes.
SIGN our letter now and make sure our elected leaders know that we will not stand for our families being bullied into an unnecessary political and economic crisis! It's important that as many people know what is going on as possible. The Republicans are banking on the fact that they can play chicken with our families and no one will notice. Once you watch our video and sign our letter, share this email with your friends and family so they can understand fully what the debt ceiling debate is all about.
Together we are a powerful voice!
-Elyssa, Donna, Kristin, Hanna, Jenny, Nate, Lucrecer, dream, and the whole MomsRising.org & MamásConPoder Team
References:
[1] "U.S. Could hit debt ceiling by June 1, much sooner than expected Yellen warns." CNBC.
[2] "Did GOP vote to Raise Debt Ceiling 3 Times with No Preconditions During Trump Era." Snoopes.
[3] "Impasse persists after Biden and congressional leaders hold 'tense' meeting on debt ceiling." NBC News.
[4] "5 Reasons House Republicans Should Stop Using Debt Ceiling as A Bargaining Chip." Center on Budget and Policy Priorities.
[5] "Devastating Impacts of Proposed House Republican Cuts." House Committee on Appropriations.
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