Political Quotes

“Right now, the United States economy is being held hostage by Speaker McCarthy and extreme MAGA Republicans, who have issued a series of radical demands. In their demands, they are saying that if they are not met, they will force the United States Government into bankruptcy for the first time in our Nation's history. Madam Speaker, this fate is exactly 16 days away. The clock is ticking. Instead of taking action to avoid this fate, Republicans are doubling down on their threats. While communities everywhere will suffer enormous harm, no community will bear the brunt of this looming economic catastrophe more than the Black community. A default on our Nation's debt will discontinue crucial programs like Medicare and Social Security. In my district alone, a default will jeopardize Social Security payments for 59,000 families and threaten the retirement savings of 89,600 people near retirement. A default will dramatically increase borrowing costs for auto, home, and personal loans and hinder access to credit for Black communities, which are already paying more for credit because of predatory lending practices, which still exist today. For example, a default would increase mortgage interest rates above 8 percent and increase monthly mortgage payments on a median home in California by $254, pushing the total cost of homeownership up by over $91,000. This would further decimate the American Dream of homeownership for far too many families.…”