WASHINGTON, D.C. – October 15, 2013 – (RealEstateRama) — Congressman Eliot Engel said if Republicans drive the United States into default, Americans will suffer grave consequences including losses in retirement accounts, higher mortgage costs, Social Security checks and pensions for disabled veterans halted, and doctors and hospitals unpaid for treating patients on Medicare.
Congressman Engel in National News |
Congressman Engel in Social Media |
Rep. Engel said, “These consequences are immediate and real, and will lead to an economic crisis far worse than the last recession.
“Why the GOP leadership would allow an extreme wing of the party to dictate such ruinous terms to get its way staggers me. The Affordable Care Act is the law of the land, passed by both Houses of Congress, declared constitutional by the Supreme Court, and with the re-election of President Obama, endorsed by the American people.
“If you want to change a law, there is a legislative process to do that.
“You do not push your country to the brink of financialcatastrophe by throwing a tantrum.”
The U.S.Treasury Department says the government will not be able tomeet all of its financial obligations beginning on Thursday. This means seniors won’t get their Social Security checks. Mothers won’t have access to food assistance for their families. Veterans won’t get their benefits. The implications are staggering, and entirely avoidable.
Rep. Engel said that retirement accounts, such as IRAs, 401(k)s and pension funds, heavily invested in stocks and bonds, can suffer disastrous harm. According to the American Society of Pension Professional and Actuaries private pension balances were 26 per cent lower because of threats by the Republicans to default in 2011. A default now could drop the average Americans 401(k) by $15,000 and the averageIRA by almost $23,000.
Rep. Engel said, “Tea Party Republicans are demanding that veterans be allowed into the World War II Memorial in Washington, while allowing the government to default and keep pension checks from nearly four million disabled veterans including almost 109,000 in New York.
“This hypocrisy is shameful. Punishing the poor and the disabled, wrecking retirement accounts and driving up the costs of home mortgages and student loans is not how you govern. It’s time, past time, for the Republican leadership to show some backbone and work with the Democrats to come to terms on how we will reopen the government and pay our bills.”
