Default Impact on Veterans

Floor Speech

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Mr. THOMPSON of California. Madam Speaker, we are on the brink of defaulting on our debt, and that would be apocalyptic. Millions of jobs would be lost. Mortgage and credit card rates would skyrocket. Retirement accounts would be devalued. A recession would be triggered. The crazy math being offered by the Republicans isn't adding up.

The Speaker says that the defense budget and taxes are off the negotiating table. That is 75 percent of the budget. Cutting the remaining budget would have an even greater devastating impact on every American.

What is worse is that the Republicans have left town while the Speaker allows us to be pushed toward a default that hurts everybody, including our veterans.

Veterans' VA appointments would be canceled. Veterans looking to buy a home would be hit by higher interest rates. Veterans who have credit card bills will face higher interest rates. If House Republicans cause a default, then more than 7 million veterans and their families will lose essential benefits that they have earned.

Stop this madness. Come back to work. Let's address this problem.

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