Anne Arundel Today

WASHINGTON, DC – Congressman Steny H. Hoyer (MD) released the following statement on the April jobs report:

"As pleased as I was to see this morning's job report, which reflected continued historic, steady growth in April, I worry that Republicans in Congress are jeopardizing our economic successes by threatening to default on America.  Last month saw another 253,000 jobs added to the economy.  Additionally, the national unemployment rate dropped to 3.4%, the lowest it has been in 50 years, capping a streak of 12.7 million new jobs since the Biden-Harris Administration began in January 2021.

"Many of my Republican colleagues continue to argue that our economy is in recession, against all evidence. They now appear willing to push it into one for political benefit by refusing to pay America's bills on time. Numerous economists and financial authorities have told us how catastrophic even flirting with default is for the country. Moody's Analytics forecast that Republicans' plan would cost the economy nearly 800,000 jobs and tilt us toward a recession. The rating agency Fitch suggested Republicans' continued brinksmanship could lead to a downgrade in America's credit rating and that their 'prioritization' scheme would, as well. Just this week, the Council of Economic Advisors issued dire warnings for the economic fallout if Republicans steer us into a default, costing as much as 8 million jobs and a large recession. If you don't believe them, believe the market; this week, investors forced Treasury to offer its highest interest rate ever for one month Treasury bills at an auction for bills set to mature in early June. Republicans' economic hostage-taking is costing the American people money and, sadly, things will only get worse until they see reason.  

"Last Congress, our Democratic House Majority took action to set the economy – and American workers and families – up for success. House Democrats will keep fighting to protect the full faith and credit of the United States and continue working to deliver results for the American people through the implementation of the historic laws we enacted last Congress. I urge Republicans to stop this irresponsible brinkmanship and to join us in our effort to put People Over Politics."

 

Original source can be found here.