Costa, Blue Dogs Call on Biden Administration and Speaker to Begin Earnest Debt Ceiling Negotiations

WASHINGTON - U.S. Representatives Jim Costa and Jared Golden lead the Blue Dog Coalition wrote to President Biden and Speaker of the House Kevin McCarthy urging them to negotiate in good faith to raise or suspend the debt ceiling so that a stand off does not imperil the financial stability of the United States or the federal benefits that millions of hard-working Americans depend on. 

“Failure to raise the debt limit would prevent the federal government from meeting its legal obligations, including Social Security and Medicare benefits, military salaries, and tax refunds,” members of the Blue Dog Coalition wrote in their letter. “Moreover, economists estimate that a debt limit breach would put an immediate halt to ten percent of our nation’s economic activity, result in a loss of millions of jobs, significantly raise interest rates on homes, cars, and credit cards, wreak havoc on global markets, and devalue the dollar around the world. 

Read the full letter here.