[Congressional Record Volume 169, Number 89 (Thursday, May 25, 2023)]
[House]
[Page H2620]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                              {time}  1230
                       DEFAULT IMPACT ON VETERANS

  (Mr. THOMPSON of California asked and was given permission to address 
the House for 1 minute and to revise and extend his remarks.)
  Mr. THOMPSON of California. Madam Speaker, we are on the brink of 
defaulting on our debt, and that would be apocalyptic. Millions of jobs 
would be lost. Mortgage and credit card rates would skyrocket. 
Retirement accounts would be devalued. A recession would be triggered. 
The crazy math being offered by the Republicans isn't adding up.
  The Speaker says that the defense budget and taxes are off the 
negotiating table. That is 75 percent of the budget. Cutting the 
remaining budget would have an even greater devastating impact on every 
American.
  What is worse is that the Republicans have left town while the 
Speaker allows us to be pushed toward a default that hurts everybody, 
including our veterans.
  Veterans' VA appointments would be canceled. Veterans looking to buy 
a home would be hit by higher interest rates. Veterans who have credit 
card bills will face higher interest rates. If House Republicans cause 
a default, then more than 7 million veterans and their families will 
lose essential benefits that they have earned.
  Stop this madness. Come back to work. Let's address this problem.

                          ____________________