Denver City Wire

WASHINGTON, D.C. – U.S. Rep. Diana DeGette (D-CO) released the following statement after voting against Republicans’ plan to cut several key assistance programs that millions of Americans rely on in exchange for raising the nation’s debt limit – a plan that experts say will devastate America’s economy and increase unemployment across the country:

“By moving this legislation forward, Republicans are now driving this country full speed toward a cliff. They are holding the American economy hostage in hopes of passing a bill that experts say will devastate the economy. The American people should be outraged by what Republicans are doing right now. If the GOP is really concerned about decreasing the deficit, let’s start by making sure the ultra-wealthy and major corporations are paying their fair share, instead of taking food, housing and health care away from millions of hardworking families.”

According to an independent analysis by Moody’s Analytics, if enacted, Republicans’ plan would severely stifle America’s economic growth and result in 780,000 fewer jobs by the end of next year.

In Colorado, alone, the GOP’s plan would:

Put 290,000 Coloradans  at risk of losing their Medicaid coverage.

Eliminate preschool and child care for at least 3,500 children in Colorado.

Increase housing costs for at least 8,100 people in Colorado.

Make college more expensive for at least 117,400 students in Colorado.

If America were forced to default on its obligations, the effect would be even more catastrophic.

In Denver, alone, a default on America’s debt would:

Kill 8,400 jobs.

Jeopardize Social Security payments for 60,000 families.

Put health benefits at risk for 221,000 people who rely on Medicare, Medicaid, or Veterans Affairs health coverage.

Increase lifetime mortgage costs for the typical homeowner by $78,000.

Raise the costs of a new car loan by $800.

Eliminate $20,000 from the typical retirement portfolio.

Original source can be found here.