President Joe Biden on Monday ousted Republicans from the White House and blamed the fight over a bill to raise the debt limit only at the feet of the GOP.
In an address to the nation on Monday morning, Mr Biden presented the debt limit battle as a problem created by Republicans who took on trillions of dollars in debt during the Trump administration. He said the same Republicans are now lying about why raising the debt limit is necessary.
‘People watching at home, you should know that this is the Republican position. Here it is: Republicans will not raise the debt limit for their own spending,” Mr Biden said.
“As of this week, your savings and your pocketbook may be affected by this Republican stunt,” he continued.
The US has until October 10 to raise the debt limit, after which Treasury Secretary Janet Yellen has said that the US will be unable to fully meet its obligations.
Mr Biden and his party hope to pass a measure through the Senate to expand America’s borrowing limit before that date, but face the threat of a filibuster from his GOP allies. Such a measure would require 60 votes to defeat a filibuster threat, as Senate Majority Leader Chuck Schumer has refused to pass a debt limit increase through budget reconciliation.
Republicans have falsely implicated the increase in America’s debt limit to a Democrat-led plan to increase America’s infrastructure and social programs in more than two bills to a total of $4.5 trillion. A bill totaling $1 trillion was backed by several GOP senators and passed the Senate without a filebuster.
Democrats have correctly pointed out that even if both of Mr Biden’s infrastructure bills fail in the House or Senate, the US will still run out of money to meet its current obligations.
On Monday, Mr Biden hammered home the point by hanging the $8 trillion in debt owed by the US under the Trump administration at Republicans’ throats, which he said would no longer be able to pay for his own spending. are not ready.
“They accounted for more than $8 trillion in bills from the previous administration,” Biden said.
“Failure to raise the loan limit will call into question the willingness of Congress to pay back the loans it has already made,” he continued.
Senate Majority Leader Mitch McConnell has indicated he will whip members against raising the debt limit for any reason; He hopes to force Democrats to use the reconciliation measure to pass a debt limit increase, which will push Democrats to a $3.5 trillion bill focused on addressing climate change through social programs, health care and reconciliation. To pass can force you to change your plans or leave.
Credit: www.independent.co.uk / Joe Biden