Biden says Republicans are "reckless" about raising the debt limit.

President Biden urged congressional leaders to raise the debt ceiling on Monday, denouncing Republicans for what he called “reckless” an...


President Biden urged congressional leaders to raise the debt ceiling on Monday, denouncing Republicans for what he called “reckless” and “shameful” obstruction before a default deadline later this month which he said would amount to “a self-inflicted injury that takes our economy over a cliff.”

Mr Biden, trying to make ordinary Americans understand the risks, warned they could see the effects as early as this week if Senate Democrats were unable to vote to raise the debt ceiling. The debt ceiling controls the amount of money the government can borrow to meet its financial obligations, including Social Security checks, military personnel salaries, and other bills.

“It starts with a simple truth: The United States is a nation that pays its bills and always has,” Mr. Biden said. “If we want to implement what has already been approved by previous congresses, and previous presidents and parties, we have to pay for it. “

The remarks foreshadowed increased public engagement by Mr Biden on an issue that risks an economic crisis.

Mr Biden pointed out that Republicans have repeatedly voted to increase the debt limit under President Donald J. Trump, but are using obstruction to block any attempt by Democrats to increase it this time around. He said he wouldn’t expect Republicans to “do their part”, but warned them “not to use procedural tricks to prevent us from doing the job.”

Technically, the United States hit its debt limit in late July, after a two-year extension that Congress accepted in 2019. Secretary of the Treasury Janet L. Yellen has since used “extraordinary measures” to delay a fault. They are essentially tax accounting tools that hold back certain government investments so that bills can continue to be paid.

Mrs Yellen warned Congress last week, “catastrophic” consequences if lawmakers did not suspend or increase the legal debt limit by October 18, when, according to the Treasury, the United States will no longer have enough money. money to pay all their bills.

Congress is raising the debt ceiling to cover spending it has already approved, and the Treasury has warned that failure to follow this rule will lead to a collapse in financial markets and have a huge impact on Americans: payment could suspend Social Security checks, delay payroll to military troops, and interfere with child tax credit payments.

But Republicans – who voted to raise the debt ceiling by trillions when their party controlled Washington – decided to block a spending bill needed to avoid default. Instead, Republicans, including Sen. Mitch McConnell of Kentucky, the minority leader, have sought to hand political responsibility over to Democrats, who at the same time seek to push forward a sprawling social policy bill that could cost up to $ 3.5 trillion.

“Two-party politics is not a switch that President Pelosi and Chief Schumer can turn on to borrow money and turn it off to spend it,” McConnell said. wrote in a letter to Mr Biden on Monday, referring to Senator Chuck Schumer of New York, the majority leader. “For two and a half months, we have simply warned that since your party wants to govern alone, it must also manage the debt ceiling alone. “

The president said he planned to speak to Mr McConnell about the letter: “He and I have taken this route once before,” Mr Biden said.

Democrats have so far refused to try to raise the debt ceiling through a fast-track process known as reconciliation. Mr Schumer told Democrats on Monday that a spending bill needed to get to Mr Biden’s office within days, not weeks.

“Let me be clear on the task ahead: we need to get a bill to the president’s office dealing with the debt limit by the end of the week. Period. We do not have the luxury of waiting until October 18, ”he wrote in a “Dear Colleague” Monday letter.

When asked if he supports reconciliation to raise the debt ceiling, Biden said the process would be “fraught with all kinds of potential dangers or miscalculations,” and said the way to do it would be a vote on a bill to increase the cap.

Administration officials have said Mr Biden will continue to pressure Republicans to step down – breaking their obstruction – and allow Democrats to vote alone this week to increase the limit.

“Let’s vote,” Biden said. “And end the mess. “

As he urges congressional leaders to find a way forward to raise the debt ceiling, Mr Biden still needs to garner support for a bipartisan infrastructure deal and a sweeping social spending plan.

“I was able to make the deal on 99% of my party,” Biden said, adding that “two people” remain opposed to the second element, a reference to Senator Joe Manchin III of West Virginia and to Senator Kyrsten. Sinema from Arizona.

“It’s not a smart thing to negotiate with yourself in public,” Biden said, when asked if he would support a lower number on the reconciliation plan.



Source Link

COMMENTS

Name

Africa,908,Americas,4291,Art & Culture,15741,Arts,6719,Arts & Design,1840,Asia,3513,Automobile,519,Baseball,774,Basketball,606,Books,4128,Business,5592,Celebrity,2633,Cricket,648,Crime,158,Cryptocurrency,1950,Dance,649,Defense,836,Diplomatic Relations,2496,Economy,1302,Editorial,260,Education,1423,Elections,308,Energy & Environment,3134,Entertainment,23386,Environment,3870,Europe,4454,Faith & Religion,235,Family & Life,817,Fashion & Style,3553,Finance,21190,Food & Drink,4029,Football,1225,Games,97,Gossip,10289,Health & Fitness,4373,Health Care,957,Hockey,248,Home & Garden,920,Humour,994,Latin America,49,Lifestyle,18135,Media,527,Middle East,1673,Movies,1952,Music,2877,Opinion,3742,Other,12781,Other Sports,5348,Political News,11324,Political Protests,2324,Politics,18456,Real Estate,2154,Relationship,106,Retail,3116,Science,2869,Science & Tech,10838,Soccer,336,Space & Cosmos,406,Sports,13111,Technology,3693,Tennis,681,Theater,1875,Transportation,313,Travel,2766,TV,3916,US,1277,US Sports,1481,Video News,3531,War & Conflict,1069,Weird News,998,World,17668,
ltr
item
Newsrust - US Top News: Biden says Republicans are "reckless" about raising the debt limit.
Biden says Republicans are "reckless" about raising the debt limit.
https://static01.nyt.com/images/2021/10/04/business/04economy-briefing-debt-limit/04economy-briefing-debt-limit-facebookJumbo.jpg
Newsrust - US Top News
https://www.newsrust.com/2021/10/biden-says-republicans-are-reckless.html
https://www.newsrust.com/
https://www.newsrust.com/
https://www.newsrust.com/2021/10/biden-says-republicans-are-reckless.html
true
732247599994189300
UTF-8
Loaded All Posts Not found any posts VIEW ALL Readmore Reply Cancel reply Delete By Home PAGES POSTS View All RECOMMENDED FOR YOU LABEL ARCHIVE SEARCH ALL POSTS Not found any post match with your request Back Home Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow THIS PREMIUM CONTENT IS LOCKED STEP 1: Share to a social network STEP 2: Click the link on your social network Copy All Code Select All Code All codes were copied to your clipboard Can not copy the codes / texts, please press [CTRL]+[C] (or CMD+C with Mac) to copy Table of Content