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Pappas Votes to Preserve Full Faith and Credit of the United States Government

October 12, 2021

On October 12, Congressman Chris Pappas (NH-01) issued the following 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 come to a bipartisan compromise to ensure the country's bills are paid and prevent an immediate recession that would wipe out 6 million jobs and $15 trillion in retirement savings and household wealth. However I'm disappointed that this measure is only a temporary fix, and I hope that in the days to come we can reach an agreement that will ensure our economic stability in the months and years to come. Small businesses and families across the Granite State are just starting to rebuild following the COVID-19 pandemic, and Republicans on Capitol Hill must stop playing games with their livelihoods."

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.