Biden says raising the debt limit is not about new spending
President Joe Biden on Monday said raising the debt limit is about paying off old debts and not about new spending while calling recent actions from Republican lawmakers “reckless and dangerous”.
Senate Republicans have twice blocked action to raise the debt ceiling.
Tensions between Democrats and Republicans ratcheted higher on Monday as the U.S. federal government had about two weeks to reach a deal on its $28.4 trillion debt ceiling or face severe economic consequences.
Biden says Republican stonewalling on debt ceiling risks U.S. default
President Joe Biden said on Monday the federal government could breach its $28.4 trillion debt limit in a historic default unless Republicans join Democrats in voting to raise it in the two next weeks.
Senate Republicans, led by Minority Leader Mitch McConnell, have twice in recent weeks blocked action to raise the debt ceiling - saying they do want action but will not help. Republicans say Democrats can use a parliamentary maneuver known as budget reconciliation to act alone. Top Democrats have rejected that approach.
Reference: Reuters
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