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Congressman Steven Horsford (NV-04) questioned U.S. Treasury Secretary Janet Yellen about our recent debt ceiling crisis manufactured by Republican extremists and new efforts to add to our debt with Republicans' latest tax proposal. The hearing was held by the House Financial Services Committee.
WASHINGTON - Today, Congressman Steven Horsford (NV-04) questioned U.S. Treasury Secretary Janet Yellen about our recent debt ceiling crisis manufactured by Republican extremists and new efforts to add to our debt with Republicans' latest tax proposal. The hearing was held by the House Financial Services Committee.
WASHINGTON – Congressman Steven Horsford (NV-04) today voted for the Bipartisan Budget Agreement, a bill to raise our nation’s debt ceiling while agreeing to budget framework for our next two years. While Republicans control the majority of the House, they did not have enough votes to pass this legislation. Horsford joined 164 other Democrats to allow this bill to move forward to the Senate, and avert having the United States default on the debts we already owe, which would have led to an economic disaster for all Americans.
This spring has been a busy time for my work as your Congressman. I was honored to join our Democratic Leader, Hakeem Jeffries, on his first international trip as the highest-ranking Democrat in the House. We visited Ghana and Israel, meeting with their heads of state and government and political and community leaders. Meanwhile, back at the Capitol, we have fought against the Default on American Act, which takes funding for housing, nutrition, and other programs hostage in exchange for not defaulting on our nation’s debts.
Like many Nevadans and Americans, I’m concerned about the effects of a possible default by the United States on the bills we have already incurred. The current debate before us in Congress on preventing default might not be on the top of the minds of everyone in Southern Nevada as they go about their day at work, school or enjoying their retirement.
This Republican default on our debt would:
-Kill about 7,000 jobs in NV-04 alone. Nationwide, a default could kill more than 7 million jobs.
-Jeopardize Social Security payments for 87,000 families in NV-04.
-Put health benefits at risk for 305,000 people in NV-04 who rely on Medicare, Medicaid, or Veterans Affairs health coverage.
-Increase lifetime mortgage costs for the typical homeowner in Nevada by $61,000.
-Raise the costs of a new car loan for the typical American by $800.
The head of the Congressional Black Caucus (CBC) is calling on President Biden to get more aggressive in the debt ceiling talks, suggesting the White House has remained too quiet throughout the debate at the expense of the Democrats’ negotiating position.
I was grateful for the opportunity to join The Laura Coates Show and discuss defending our democracy, fighting for justice, the need for immigration reform, and more.
I highlight the deficiencies in supervisory practices and management's failure to address glaring issues and engage in proper risk management, emphasizing the urgency of raising the debt limit to avoid a catastrophic economic collapse. Congress should prioritize managing the immediate crisis rather than focusing solely on examining individual banks.
The Surprise Billing Our Workers Act unfairly targets hard-working constituents who may have unintentionally received overpaid unemployment insurance benefits due to errors by state authorities. I argue against allowing the government to pursue repayment of those funds for up to 10 years.