Fact Check: Raising The Debt Ceiling Is A Bipartisan Obligation To Our Seniors, Families And U.S Military Members
FOR IMMEDIATE RELEASE: September 8, 2021
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FACT CHECK: RAISING THE DEBT CEILING IS A BIPARTISAN OBLIGATION TO OUR SENIORS, FAMILIES AND U.S. MILITARY MEMBERS
Congress must meet its obligation to the American public and our recovering economy by answering the Treasury’s call to raise the debt ceiling, as it did along bipartisan lines under the last Administration
Washington, D.C. — As the American economy rebounds from a historic recession caused by a once-in-a-generation pandemic, it’s critical that essential government services like Social Security checks, Child Tax Credit payments, and salaries for members of the military are not put in jeopardy. Today, Treasury Secretary Janet Yellen wrote to Congress calling on members to raise the debt ceiling to allow the government to pay for obligations under legislation already passed by both parties and signed into law by President Biden, as they did repeatedly under the previous Administration.
Raising or suspending the debt ceiling doesn’t create new spending, it allows the government to meet its existing obligations to our seniors, families, U.S. military members, and our business community.
FACT CHECK: RAISING THE DEBT CEILING IS CRITICAL FOR OUR FAMILIES AND ECONOMY, AND DOESN’T AUTHORIZE NEW SPENDING
- Our economy is making a historic comeback from a once-in-a-generation pandemic and recession, but raising the debt ceiling is critical for that recovery to continue. Without it, the United States could face a credit downgrade and increased borrowing costs — which would raise costs for consumers and small business owners across the country — and even lower the GDP and increase unemployment.
- Failure to raise or suspend the debt ceiling could mean:
- Seniors lose Social Security checks, putting nearly 22 million Americans at risk of falling into poverty
- Families could lose Child Tax Credit payments, which have been a lifeline for families and pulled millions of children out of poverty
- Military salaries would be in jeopardy
- The cost of household payments — from mortgages to auto loans to credit cards — could rise for everyday families
- American businesses could face deteriorating credit markets
FACT CHECK: CONGRESS VOTED ALONG BIPARTISAN LINES TO RAISE THE DEBT CEILING UNDER THE PREVIOUS ADMINISTRATION
- Congress has acted to raise or suspend the debt limit approximately 80 times since 1960, and did so along bipartisan lines three times during the prior Administration
- A majority of Senate Republicans voted to suspend the debt limit under the prior Administration, even as President Trump added roughly $8T to the national debt
- The 46 Republican Senators who recently signed a letter pledging not to raise or suspend the debt ceiling have together voted to do so 185 times throughout their careers