President Biden called Senate Republicans “hypocritical, dangerous and outrageous” as he twice last week blocked a vote to raise the debt limit, comparing a failure to do so to a “meteor crash in the US economy”. .
Republicans say Democrats have votes to raise the debt limit on their own, and Senate Minority Leader Mitch McConnell, R-Ky., is urging them to do so on their own — without Republican support.
The president, speaking from the White House on Monday, described Senate Republicans as “reckless and dangerous.”
“Raising the loan limit comes down to paying off what we’re already owed,” Biden said, adding that it’s “nothing new.”
“The United States of America is a nation that pays its bills and always sets it up,” Biden said. “We never made a mistake.”
Bien said that “what we pay keeps us a great nation,” noting that raising the debt limit continues to provide Social Security for seniors, pay for the U.S. military, benefits for veterans, and more. Helps to keep.
“We are able to borrow because we always pay off our debt. That’s America. That’s who we are,” he said. “It’s called absolute trust in credit in the United States.”
“Let me be really clear,” Biden continued. “Raising the loan limit is about paying off our old loans. It has nothing to do with considering any new expenses. It has nothing to do with infrastructure or my plan of ‘building back better’ ”
Biden argued that raising the debt limit is “usually a bipartisan undertaking, and it should be.”
The president slammed Republicans and former President Trump for spending “nearly $8 trillion in additional debt.”
During the Trump administration, Republicans in Congress raised the debt limit three times — each time with Democrat support.
“Now they won’t raise it, even if they accounted for more than $8 trillion in bills made in the previous administration,” Biden said.
The president warned that defaulting on the debt would “hurt itself” to the United States, “take the economy on a cliff,” and “undermine the security of U.S. Treasury securities.” He also warned that America’s credit rating would be downgraded, and the American people would see interest rates rise.
At this point, Republicans in the Senate are seeking to use the filibuster to raise the debt limit without a simple majority — or 60 votes — instead of 50.
“Not only are Republicans refusing to do their job, they are threatening to use their power by letting us do our job,” Biden said, calling the move “hypocritical, dangerous and shameful,” adding that His “obstacles know no bounds”.
Biden vowed that Democrats would fulfill their responsibility and obligations, and despite his push, he said he was “not expecting Republicans to play their part.”
“We’re just asking them not to use procedural tricks to stop them from doing things they won’t do,” he said, without raising the debt limit, “to have a meteor crash into our economy.” is ready.”
“If you don’t want to help save our country, get out of the way so you don’t destroy it,” he said, warning the American people that their financial situation “could be directly affected by this Republican stunt. ”
“They need to stop playing Russian roulette with the American economy,” he said. “Let the Democrats vote this week to raise the debt limit – without interruption or further delay.”
He continued: “Let’s vote and end the mess. We have to do it. We have to get it done.”
At this point, he has 48 votes in the Senate, the president said, but two more are needed to pass the debt ceiling increase. While Biden didn’t call the last two lawmakers by name, they have Democratic-moderate sense. Joe Manchin, DWV, and Kirsten Cinema, D-Ariz.
Biden said he has closed a “deal” with “99%” of his party, arguing that getting Munchkin and Cinema on board is “still underway.”
“I don’t think there has been a president who has been able to close deals where he only has 50 votes in the Senate and a bare majority in the House. It’s a process, a process,” Biden said. “We’ll get it done.”
The president’s remarks come after Senate Republicans voted in default twice last week. The vote suspended the loan limit until December 2022.
Treasury Secretary Janet Yellen has warned the government will default for the first time in history if it fails to raise the debt limit before the October 18 deadline. Yellen said this would have disastrous consequences that could plunge the country into another recession and destabilize global markets.
The federal borrowing limit currently stands at $24.8 trillion.
The debt limit was suspended three different times during the Trump administration, According to Treasury Secretary Janet Yellen. The most recent suspension was passed in 2019 on a bipartisan basis – it expired in June 2021.
Failure to raise or suspend the loan limit could delay Social Security and child tax credit checks this October. Yellen said millions of American families, as well as about 50 million senior citizens, would be affected, who depend on the Child Tax Credit to meet their expenses. Federal employees may also experience pay delays.
Raising or suspending the debt limit allows the federal government to pay off obligations that have already been incurred. It does not authorize new spending.
The president, last week, signed legislation that would avoid a partial federal shutdown and keep the government funded until December 3.