The U.S. and the world would face certain economic disaster if the ‘debt ceiling, isn’t raised, according to Rep. Suzan DelBene (D-WA 1st District).
Many Congressional Republicans say they won’t even consider a hike for the debt ceiling unless it’s accompanied by nearly $5 trillion in cuts to spending. One of Republicans’ main arguments is that spending beyond what the government takes in is out of control, and they say they want that deficit spending scaled back.
DelBene says they need to have the annual spending and investment conversation that comes with the budget process, but instead she says Republicans are holding the economy hostage. “Every day we wait, there is more and more uncertainty about whether we’re going to maintain the full faith and credit of the U.S. Government,” DelBene says, “Secretary [Janet] Yellen said that the Treasury only has funds to keep paying bills until June 1st. It’s May. There’s no reason we should be in this situation. We should pass legislation. We’re ready to do that right now.”
If the debt limit is reached and the cash runs out, economists warn it will lead to a recession, which could mean lost jobs and affect interest rates among other economic impacts The government also wouldn’t be able to pay government employees’ and military members’ salaries nor benefits, like those for veterans and seniors.
DelBene on Tuesday also presented a check for a $1 million federal grant to Friends of Youth, which is the only shelter on King County’s eastside for homeless young adults ages 18 to 24.
Friends of Youth is currently building a new 24-hour shelter facility in Kirkland with bed capacity expanded from 20 to 35, shower and laundry facilities, and a professional kitchen to serve three meals a day. Lwali says those services are available even if a young adult doesn’t stay in the shelter.
Friends of Youth president, Paul Lwali, says they can provide some services on site, but he says case management is number one to help get young people where they want to be. “Moving on to a transition-living program, moving on to permanent supportive housing, moving on to independent living. That’s kind of the progression that we would like to see – everyone in independent living,” Lwali says, “but that takes time. It’s really getting them to where they are attaining growth and success in their journey.”
The new shelter is expected to open around Labor Day. Once it’s open, Friends of Youth expects to help about 300 young people a year. You can learn all about it with Friends of Youth president, Paul Lwali, in the video below:
