Congressman Chris Pappas (NH-01) issued the ollowing statement after voting to preserve the full faith and credit of the United States government and prevent a catastrophic economic downturn:
"I'm pleased that we've passed this long-term measure, preventing an economic catastrophe that experts say would wipe out 6 million jobs and $15 trillion in retirement savings and household wealth. Small businesses and families across the Granite State are rebuilding following last year's recession, and it's time Washington stops playing games with their livelihoods and the health of our economy. One of the key responsibilities of government is to ensure the country's bills are paid, and I am glad the President will sign this legislation into law as quickly as possible so Congress can move beyond this petty, unnecessary fight."
Background:
According to an analysis by Mark Zandi, chief economist at Moody's Analytics, the United States could fall into an immediate recession if Congress allows the United States government to default on its loans and obligations.
Zandi's analysis also found that the resulting crisis would cost the U.S. economy up to 6 million jobs and wipe out up to $15 trillion in household wealth.
Original source can be found here.
