Washington D.C. – On Wednesday, the MAGA House majority escalated its threats to manufacture a default crisis by passing a long list of hugely unpopular and extreme economic ransom demands that promise pain for millions of average Americans including veterans, seniors, students, children, workers, and the food insecure, while protecting wealthy tax cheats. With the nation projected to run out of money as early as June and the catastrophic consequences of a MAGA default grow closer by the day, government watchdog Accountable.US launched its “Cost Of MAGA Default” project.
The effort 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 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 Americans’ lives and the economy and responsibly pass a clean bill allowing the nation to pay its bills. The sooner they do, the less damage will be inflicted on Americans of all walks of life.
This project underscores the MAGA Majority’s lose-lose proposition for everyday Americans: either extreme and harmful cuts that gut public safety and punish America’s seniors, veterans, workers and children, or an artificial default crisis that craters the economy. Why should millions of Americans be forced to give up health, food, and economic security while the MAGA Majority proposes even more costly special tax breaks and loopholes for their billionaire donors and corporations that offshore jobs? While the MAGA Congress offers no real choice for the American people, the choice is theirs whether or not to open the door for a catastrophic default and deep recession.”
Kyle Herrig, president of Accountable.US.
Cost of MAGA Default: Today in Focus: Disruptions in Social Security Benefits for Seniors
- The MAGA Default threatens to disrupt critical federal payments which could harm tens of millions of Americans who rely on Social Security, Medicare, Medicaid, veterans care, low-income food and housing assistance, mail, national security, and other critical services. Interrupted payments could harm nearly 66 million Social Security Beneficiaries, who on average rely on the program for over half of their household income, millions of whom rely on the program as their “sole means of support,” alongside other forms of federal assistance.