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- President Joe Biden has said Republicans’ efforts to block an increase in the debt ceiling would be “irresponsible.”
- Congress has about two weeks to raise or suspend the debt ceiling to avoid what could be a catastrophic blow to the economy.
- Biden also said he was confident he could push through his economic agenda after a week of wrangling over its size and scope.
President Joe Biden said on Saturday that Republicans’ efforts to block the ability of the United States to pay their bills on time would be “unreasonable.”
Congress has about two weeks to raise or suspend the debt ceiling to avoid what could be a catastrophic blow to the economy, ranging from delays in Social Security checks to the elderly, to turmoil over financial markets, cuts to safety net programs and even an increase in interest rates.
Republicans, led by Senate Minority Leader Mitch McConnell, have signaled they may try to block efforts to raise the debt ceiling and torpedo Biden’s economic goals. McConnell was adamant that only Democrats should raise the debt ceiling. The United States has never defaulted on its debts.
“I hope Republicans aren’t irresponsible enough to refuse to raise the debt ceiling and filibuster,” Biden told reporters on Saturday. “It would be totally unacceptable. It has never been done before.”
Raising the debt ceiling allows the U.S. government to pay back what it owes, and the limit had to be lifted this year, regardless of Biden’s spending plans. Democrats are pressuring Republicans to help increase it, arguing that an additional $ 7.8 trillion in debt has been accumulated under President Donald Trump. Republicans have also raised or suspended the debt ceiling three times under the Trump administration.
The Democrats’ best bet for lifting the debt ceiling on their own is reconciliation, an arduous and time-consuming process governed by strict fiscal rules. It also allows certain bills to be passed with a majority of only 50 votes.
Biden said on Saturday that “everyone is frustrated” after a week of setbacks and wrangling over the debt limit and its economic agenda, but added that he was convinced that an infrastructure bill and a $ 3.5 trillion social spending bill would ultimately be passed by Congress.
Democrats must maintain government funding while keeping their promises to spend a $ 550 billion investment in U.S. roads, bridges and railways as well as funding for child care, health care and of the fight against climate change. Two moderate Democratic senators are worried about the scale of the proposed changes and want the $ 3.5 trillion social spending bill reduced.
Biden said he “was going to work like hell to make sure we get them both,” adding that both plans have the support of a majority of Americans.
“There is nothing in any of these pieces of legislation that is radical, that is unreasonable,” he said, adding that he would travel the country to gain more support for the two bills. “I believe I can do it.”
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