Source: United States Senator for New Hampshire Jeanne Shaheen
May 24, 2023
Shaheen meets with nonprofit leaders in Concord this morning to discuss potential impact of a national default on NH working families.
Shaheen meets with housing stakeholders to underscore the effects of a default on the housing market and mortgage rates.
(Concord, NH) – Today, U.S. Senator Jeanne Shaheen (D-NH) held meetings in Concord to continue her week-long series of virtual and in-person events with stakeholders across the Granite State to discuss the potential impacts of a GOP-forced default. During the Trump administration, Democrats and Republicans came together three times to avoid a national default, which is a matter of paying existing financial obligations and does not relate to new spending.
Shaheen first met with New Hampshire nonprofit leaders and advocates to discuss the impact of a default on Granite State families, particularly those accessing federal assistance programs. In New Hampshire, many nonprofits rely on federal funds to execute their mission, and families utilize federally-funded programs to access health care and child care and to put food on the table. As federal funds make up approximately 33 percent of the state budget, reducing federal aid would severely impact critical programs and services that Granite Staters rely on every day. Shaheen’s second meeting was with New Hampshire housing stakeholders and lenders to discuss how a default would impact New Hampshire’s housing market. A variety of factors have contributed to New Hampshire’s difficult housing and rental markets and the COVID-19 pandemic exacerbated the housing crisis. Restricting funding for housing and a potential spike in interest rates would likely slow housing construction.
“The United States should not default on its debt. This should be a shared priority, as it was for 60 years and in the dozens of times lawmakers worked across the aisle to avert this kind of economic crisis. In my meetings today, and throughout this series of events I’ve hosted with Granite Staters, I’ve made that clear: we need a bipartisan resolution in Washington to avert a default that will hit New Hampshire and all Americans very hard,” said Senator Shaheen. “Federal food assistance, Medicaid and other essential programs that working families rely on to keep their loved ones safe and healthy are on the line if the U.S. defaults on its debts. Similarly, the housing market and mortgage rates will be adversely affected if our country defaults. New Hampshire is in the midst of a housing crisis – this is the last thing our state needs. I’ll keep doing everything in my power to push for a swift resolution that puts working families first and ends this partisan showdown.”
Senator Shaheen’s events this afternoon followed her virtual meetings yesterday with the New Hampshire Municipal Association, local leaders from across the state and members of the New Hampshire Corridor Commerce Chambers. Throughout the week, Shaheen is hosting a series of events with an array of New Hampshire stakeholders to underscore the serious and broad impact that a national default would have on Granite State communities.
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