Yesterday, Representative Ted Budd voted against suspending the debt limit, playing politics instead of ensuring that America can pay its bills. Republicans’ refusal to suspend the debt ceiling jeopardizes the economy, Social Security payments, pay for North Carolina troops, and flood insurance extension as many try to recover and rebuild in the wake of severe storm damage.
Do Pat McCrory and Mark Walker agree with Ted Budd’s refusal to suspend the debt ceiling and instead risk the recovering economy and needed services for people across North Carolina?
Here’s what’s on the line:
- Failing to suspend or raise the debt ceiling for a prolonged period would result in up to 6 million jobs being lost.
- $20 billion in Social Security payments owed to seniors could also be jeopardized, as U.S. Treasury officials would face excruciating choices in which payments to make and which to default on.
- Pay for U.S. soldiers and federal workers, as well as certain federal pension payments, would also be at risk if the U.S. cannot borrow more money to pay its bills.
- A U.S. default would cause the stock market to plummet, wiping out as much as $15 trillion from U.S. household wealth.
- Failing to raise the debt ceiling could be “cataclysmic” for the U.S. economy and cause an immediate recession rivaling that of the 2008 economic crisis, according to Moody’s Analytics.
“North Carolina Republicans like Ted Budd need to drop the political games and do their job to protect our economy and the well-being of North Carolina families and troops,” said NCDP spokesperson Kate Frauenfelder. “North Carolinians deserve to hear from Republican Senate candidates Pat McCrory and Mark Walker where they stand — is it with Republican obstructionism or ensuring financial security for North Carolinians and our nation’s economy?”