Rep. Stansbury Issues Statement on Debt Ceiling

ALBUQUERQUE—Today, U.S. Representative Melanie Stansbury (N.M.-01) issued the following statement after voting against House Republicans’ “Default On Our Debt Act”:   

“MAGA Republicans are playing games with the full faith and credit of the United States by refusing to raise the debt ceiling unless we cut the programs that our communities depend on and roll back historic climate action. They are proposing cut after cut to crucial programs like Medicaid, Medicare, Social Security, SNAP, veterans’ services, and more that people in New Mexico and the nation depend on. The debt crisis in the United States is not a game, and the well-being of our communities is absolutely not a game. We need to invest in our future and get to work solving the real rising costs of housing, health care, and the effects of the climate crisis that are affecting New Mexicans every day. I voted against House Republicans’ Default on America’s Debt Act and I will continue working to pass a clean debt ceiling bill and a budget that delivers for New Mexicans.” 

Rep. Stansbury, along with House Democrats in the 117th Congress, passed the historic Inflation Reduction Act, the biggest climate action investment in world history that will save New Mexico families hundreds of dollars in energy, health care, and prescription drug costs. The Default on Our Debt Act would roll back this progress and cut Social Security, Medicare, and Medicaid by billions of dollars. 

The Default on America’s Debt Act would harm New Mexico’s First Congressional District By:  

• Putting 174,000 people at risk of losing Medicaid coverage in New Mexico. 
• Threatening access to food assistance for 15,000 people aged 50-55 in New Mexico. 
• Eliminating preschool and child care for at least 2,400 children in New Mexico. 
• Increasing housing costs for at least 3,100 people in New Mexico. 
• Making college more expensive for at least 37,800 students in New Mexico. 
• Eliminating at least 4 air traffic control towers in New Mexico. 
• Cutting at least 70 rail safety inspection days in New Mexico. 
• Repealing investments in cleaner, cheaper energy — threatening clean energy and manufacturing jobs. 

And if Republicans don't get their way, they're threatening to default on our nation's bills, unleashing economic catastrophe and putting vital government services at risk by: 

• Killing about 6,700 jobs in NM-01 alone. Nationwide, a default could kill more than 7 million jobs. 
• Jeopardizing Social Security payments for 103,000 familiesin NM-01. 
• Putting health benefits at risk for 318,000 people in NM-01 who rely on Medicare, Medicaid, or Veterans Affairs health coverage. 
• Increasing lifetime mortgage costs for the typical homeowner in New Mexico by $49,000. 
• Raising the costs of a new car loan for the typical American by $800. 
• Threatening the retirement savings of 94,800 peoplenear retirement in NM-01, eliminating $20,000 from the typical retirement portfolio. 

Economists across the political spectrum have warned that defaulting on our nation's bills would cause a devastating recession. Across the United States, Moody's Analytics estimates a prolonged breach would lead to: 

• At least 7 million jobs lost 
• Unemployment above 8% 
• A 4% decline in GDP 
• Roughly $10 trillion in household wealth wiped out 
• GDP a full percentage point lower a decade after the crisis and 900,000 jobs never regained