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What is the cost of a federal default?

According to numerous economists, if Congress does not agree to raise the debt ceiling, the federal government will not be able to pay all its bills. That default, which is projected on or around June 1, would plunge the U.S. into an instant recession.

One million jobs would be lost in the first week with nearly eight million jobs lost if a default goes on for multiple weeks. This is partially due to consumers pulling back on spending, impacting businesses’ ability to pay workers.

Federal payments to millions of working people, retirees, veterans and more would be delayed.

Click here to send a message to your senators and representative right now and demand a clean debt ceiling vote with no cuts to critical programs and services.

Sixty-six million people rely on Social Security each month to pay their bills and keep a roof over their heads. For 40% of recipients, Social Security makes up 90% of their monthly income. These payments would be delayed.

SNAP food stamp payments would be delayed, as would Medicaid payments to states and Medicare payments to hospitals and doctors―devastating to health infrastructure, especially in rural communities.

Two million federal workers, 1.4 million active-duty military personnel, plus government contractors would all see delays in payments. And veterans’ benefits, including disability payments and pensions would be impacted.

Meanwhile the stock market would take a severe hit, dropping anywhere from 33 – 45%, wiping out $12 trillion of household wealth, including retirement accounts.

The U.S. is on the brink of default. Click here to send a message to your senators and representative right now and demand a clean debt ceiling vote with no cuts to critical programs and services.

History shows that even the threat of a federal default would impact the economy. We need Congress to act now.

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Friday Advocates Meeting

March 29, 2019 @ 9:00 am - 10:00 am EDT

« FCNL Spring Lobby Weekend 2019
Food Research & Action Center: SNAP Matters for Seniors Webinar »

CHN’s regular Friday Advocates Meetings are off-the-record. Thank you for not quoting speakers in materials you send to your networks.
If you would like to attend a FAM, please contact Joe Battistelli: jbattistelli@chn.org

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Details

Date:: March 29, 2019
Time:: 9:00 am - 10:00 am
Event Category:: Event

Organizer

: Richelle Friedman
Email:: rfriedman@chn.org

Venue

1625 L St NW
Washington, DC 20036 + Google Map

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The Coalition on Human Needs (CHN) is an alliance of national organizations working together to promote public policies which address the needs of low-income and other vulnerable people.

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Ph: 202-223-2532 | Fax: 202-223-2538

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