- Rocky Mountain Values
House Republicans Create Forced Crisis, Nation Two Weeks Out from Default
Boebert Backs Lose-lose Scenario for the Country and for Coloradans
Thursday, May 18, 2023 – Two weeks away from anticipated national default, House Republicans including Congresswoman Boebert have forced the country into an economic crisis and are threatening serious impacts to Coloradans.
Boebert and MAGA Republicans, like Trump – who’s actively advocating for the country to default – are creating serious, quantifiable consequences for families and businesses in every state and district – including Colorado.
There are two options that Boebert and her colleagues are pushing for, and this Republican-made lose-lose situation poses serious negative impacts on Coloradans either way.
A default on the existing obligations would cause massive job losses and increase costs for Colorado families including disrupting expected payments to the military, veterans, and seniors.
The passage of the “Default on America Act” into law requiring critical service cuts as a condition for raising the debt ceiling.
Even a short debt ceiling breach, in which the government defaults for less than a week before lawmakers raise the government's borrowing limit, would likely push the economy into a recession, according to Moody's Analytics. Colorado is poised to lose 10,000 jobs with even a short default.
Impacts of a protracted default would mean:
60,200 Coloradans could lose their jobs if the U.S. defaults.
The cost for a typical mortgage in Colorado would increase by $243,200 because of a default on the debt.
586,200 households in Colorado could miss their monthly Social Security check, a total value of $14,572,000,000.
702,700 of people nearing retirement age are at risk of losing $20,000 in their 401(k) from a national default.
Impacts from default to the families in CD-03 would also include:
6,700 Coloradans in CD-03 could lose their jobs if the U.S. defaults
The cost for a typical mortgage in CD-03 would increase by $243,200 because of a default on the debt.
104,400 households in CD-03 could miss their monthly Social Security check, a total value of $2,369,000,000.
101,800 of people nearing retirement age are at risk of losing $20,000 in their 401(k) from a national default.
Alternatively, the impact on Coloradans if House Republicans “Default on America Act” is passed:
1 million seniors and people with disabilities would be forced to endure longer wait times when seeking assistance for both Social Security and Medicare as staffing would be dramatically reduced.
641,000 Coloradans would be subjected to losing their healthcare coverage through added red tape and unnecessary bureaucracy. Only one state has ever fully implemented similar policies and nearly 1 in 4 adults subject to the policy lost their health coverage.
111,300 Colorado veterans could lose access to outpatient visits, leaving them unable to get appointments for care like wellness visits, mental health services, and substance disorder treatment.