Dear Friend,
Our country is veering closer to an unnecessary economic crisis with every day that passes without a debt ceiling increase.
Republicans are dug in, demanding massive budget cuts that will hurt all Americans, especially seniors, in exchange for paying for debt they ran up with the 2017 Trump tax plan.
The consequences of not raising the debt limit by June are massive and unprecedented:
Without a debt limit increase, retirement savings accounts are expected to lose at least 20% of their value. Interest rates will surge, hurting businesses and increasing unemployment. It could even delay or disrupt Social Security payments. It’s crazy and enough is enough.
Here’s some of the harm the House GOP budget bill will cause:
- Slash housing and food assistance for millions of seniors;
- Enact 22% across-the-board cuts to transportation, education, and health care; and
- Force older Americans to wait longer to get information about their Social Security and Medicare benefits
Sincerely,
Richard Fiesta
Executive Director
Alliance for Retired Americans
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