Press Release
Posted:
Washington – Today, Rep. Mike Thompson (CA-04) joined fellow Democrats on the House Floor to call out the dangerous impact that a default would have on our country’s veterans. House Republicans have left town before preventing a default, leaving the economy on the brink.
“We are on the brink of defaulting on our debt, and Republicans have left town,” said Thompson. “VA appointments will be canceled, over 7 million veterans and their families will lose benefits they have earned, and veterans will take a financial hit. Republicans must stop this madness, come back to work, and help us avoid a default.”
You can view Rep. Thompson’s remarks here.
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. If House Republicans cause a default, it would:
Kill about 7,300 jobs in our district alone. Nationwide, a default could kill more than 7 million jobs.Jeopardize Social Security payments for 91,000 families in our district.Put health benefits at risk for 285,000 people in our district who rely on Medicare, Medicaid, or Veterans Affairs health coverage.Increase lifetime mortgage costs for the typical homeowner in California by $92,000.Raise the costs of a new car loan for the typical American by $800.Threaten the retirement savings of 96,800 people near retirement in our district, eliminating $20,000 from the typical retirement portfolio.