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Joint Economic Committee Democrats Chairman - Senator Martin Heinrich (D-NM)

Publications

May 08 2023

Update: The Steep Costs of a Republican Default Crisis

Republicans have now pushed the United States to within one month of a catastrophic and unprecedented default on the nation’s existing obligations. Instead of passing a clean debt limit bill to avert this crisis, their continued threats to cause a default could trigger a massive recession that would cost 8.3 million Americans their jobs.

The longer the GOP delays in paying our bills, the more likely they are to drive up the cost of mortgages and threaten people’s retirement savings. The debt ceiling is not a bargaining chip, and Congress must act to cover existing obligations before the American people start to pay the cost of a default crisis.

Apr 28 2023

Debt Prioritization Would Pay Foreign Borrowers Over Critical Programs That Help All Americans

Republican proposals on debt prioritization would not prevent a U.S. default on its bills, but would likely cause major legal, administrative, and economic disruption. Debt prioritization involves paying some federal bills ahead of others. It’s the Republican answer to get around the default crisis they are creating by refusing to raise the debt ceiling. House Republicans’ so-called Default Prevention Act would codify this reckless approach and prioritize foreign bondholders over funding vital government programs for seniors, veterans, and basic government functions. The plan would be unworkable for the Treasury, invite legal challenges that would disrupt payments, and put the country’s credit rating at risk.

Apr 27 2023

How The Default on America Act Hurts the U.S. Economy - State and District Data

Republican lawmakers in the House are holding the economy hostage, threatening a default on existing debt obligations unless their vague but dangerous conditions are met. Instead of negotiating responsibly, they keep changing their demands—yet one thing remains constant: Republicans want to drastically cut the programs that help children, families, and communities across the country.

Apr 26 2023

How the Default on America Act Threatens Public Safety

The GOP Default on America Act’s 22% spending cut would slash nearly $17 billion in funding for federal law enforcement, courts, and prisons that support public safety. Republicans are gambling with Americans’ safety by threatening to not raise the debt limit.

Apr 22 2023

Earth Day 2023: How the Recovering America’s Wildlife Act Benefits Our Planet and Our Economy

The United States has some of the most diverse wildlife and habitats on Earth. Conserving this biodiversity is imperative to the health of our planet.

The Recovering America’s Wildlife Act (RAWA) would protect America’s biodiversity through proactive conservation, keeping thousands of animals from being listed under the Endangered Species Act (ESA). By investing in RAWA, the United States can avoid costly species recovery efforts and continue to support habitat restoration efforts, reaping environmental and economic benefits. RAWA would also support the wildlife and outdoor recreation industries that provide economic opportunities in many rural and Tribal areas.

Apr 21 2023

State by State Fact Sheets: March Employment Data

Each month, the Bureau of Labor Statistics (BLS) releases national and state-level data on U.S. employment, which provide useful information about the state of the labor market and progress toward building a better America. See March's state jobs data here.

Apr 18 2023

Making the Tax Code Work for Everyone, Not Just the Wealthy

Congressional Democrats and the Biden administration are focused on making our tax code work better for all Americans. Currently, parts of the tax system reward wealth over work and allow the richest Americans to avoid paying their fair share. Despite these challenges, the Inflation Reduction Act took important steps to make the tax code more equitable, streamline how Americans file their taxes, and focus audits on wealthy tax cheats. After years of underfunding, the Inflation Reduction Act provided the resources necessary for the IRS to improve taxpayers’ experience and make sure that the tax code rewards work, not wealth.