Congressman Bishop Votes to Prevent Catastrophic National Debt Default, Pay Nation's Existing Bills

Press Release

Today, Congressman Sanford D. Bishop, Jr. (GA-02) voted for must-pass legislation to prevent a first-ever default on the federal debt, which would result in economic catastrophe for nearly every American family. This crucial bill -- which Senate Democrats passed on October 7th, with all Senate Republicans present voting against -- will keep the United States under the debt limit through at least December 3rd.

"Democrats have worked hard to avoid an unprecedented debt default, which would devastate the financial future of our country. Addressing the debt limit has traditionally been a bipartisan effort," said Congressman Sanford Bishop. "While Congressional Democrats passed a short-term measure today to avoid immediate disaster, Senate Republicans are recklessly refusing to help us find a long-term solution that would pay off America's debt, a significant portion of which was incurred because they voted for under the former president. Experts agree that a first-ever default would devastate America's economy, causing Georgia's families to greatly suffer. Congress is responsible for safeguarding our nation's full faith and credit and protecting families from financial ruin."

With this legislation, which President Biden will soon sign into law, the federal government will be able to continue meeting financial obligations for another two months. This action only addresses previously approved spending, including bipartisan COVID relief, payments to Social Security recipients, payments of veterans' benefits and paychecks for members of the military -- and does not authorize future spending.

Senate Republicans continue to block action on a House-passed bill that addresses the debt ceiling through 2022 -- risking a cataclysmic default that would trigger a global economic collapse and devastate the financial security of nearly every American family. A recent study by Moody's showed that a debt default would:

Wipe out $15 trillion in household wealth;
Erase up to six million jobs; and
Double the unemployment rate, surging up to nine percent.
Over the last decade, every time the debt limit has needed to be addressed, Congress has acted on a bipartisan basis -- including three times under President Trump. Despite Republicans adding $7.8 trillion to the federal debt over the last four years -- including a $2 trillion tax scam benefiting the rich -- Democrats still helped Republicans address the debt ceiling, because the full faith and credit of the United States must never come under threat.

Now, under President Biden, Senate Minority Leader McConnell and others refuse to join Democrats to address the debt limit -- despite the fact that only 3 percent of the current debt was accumulated under President Biden, and more than 27 percent was incurred under President Trump. This is blatantly hypocritical: just two years ago, Senate Minority Leader Mitch McConnell agreed that "America can't default" because "that would be a disaster."

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