Washington, DC — The extreme MAGA House Majority is threatening to manufacture a catastrophic default crisis and economic collapse. To hold the economy hostage, the House passed a long list of hugely unpopular and extreme ransom demands that promise pain for millions of average Americans including veterans, seniors, students, children, workers, and the food insecure. They voted to ship 100,000 high paying manufacturing jobs overseas while going out of their way to protect wealthy tax cheats. The MAGA Majority’s proposed cuts are untenable, unworkable, and unserious, especially as they leave in place costly tax breaks for billionaires and big corporations. With the nation now projected to run out of money as early as June 1st, Accountable.US’ Cost Of MAGA Default’ project continues to underscore the catastrophic consequences of a MAGA default that grows closer by the day.
Today In Focus: Video Highlights from Today’s U.S. Senate Budget Committee Hearing on How the MAGA House Majority’s Default Bill Would Crater the Economy and Harm Everyday Americans:
- @SenStabenow points out that the Trump administration’s tax cuts helped create a quarter of the national debt the @HouseGOP is so concerned about today. #DefaultOnAmerica Act [LINK]
- .@PattyMurray: “If House Republicans get their way, it is going to make your life worse.” #DefaultOnAmericaAct [LINK]
- WATCH: @Markzandi tears into the @HouseGOP‘s MAGA Debt Default plan — warning that their cuts could cost 800,000 American jobs by the end of 2024. [LINK]
- WATCH: @SenWhitehouse calls out the @HouseGOP for taking the economy hostage. Intentionally driving the American economy into a crisis is the very definition of extremism. [LINK]
BACKGROUND: Accountable.US’ ‘Cost of MAGA Default’ project puts a daily spotlight on specific harms the MAGA Majority’s default plan and brinkmanship will bring for Main Street and Wall Street alike – from tanking markets, frozen credit, lost jobs, disruptions to critical benefits like Social Security, and soaring interest rates on everything from car loans to mortgages. While the MAGA Majority claims they are holding the economy hostage over supposed debt ‘concerns,’ they insist on harmful cuts – crafted by the far-right House Freedom Caucus – aimed at average Americans while protecting and even expanding debt ballooning tax breaks for billionaires and big corporations that profiteer and ship U.S. jobs overseas. The clock is ticking. The MAGA majority should stop playing dangerous political games with American lives and the economy and responsibly pass a clean bill that allows the nation to pay its bills. The sooner they do, the less damage will be inflicted on Americans of all walks of life.