President Joe Biden stated that Republican attempts to stop an increase in the debt ceiling are "irresponsible".
To avoid a potentially catastrophic economic hit, Congress has approximately two weeks to raise the debt ceiling or suspend it.
Biden said that he was also confident that he would be able to pass his economic agenda after weeks of disagreements about its size and scope.
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On Saturday, President Joe Biden stated that Republican attempts to stop the US from being able to pay its bills on schedule would be unconscionable.
Congress has approximately two weeks to increase or suspend the debt limit to avoid a devastating economic impact. This could include delays in Social Security checks for seniors, turmoil on financial markets, cuts in safety net programs and even an increase in interest rates.
Senate Minority Leader Mitch McConnell and the Republicans have indicated that they might try to stop the debt ceiling being raised and torpedo Biden’s economic goals. McConnell insists that Democrats are the only ones who can raise the debt limit. The US has never defaulted on its debts before.
Biden said to reporters that he hoped Republicans would not be so reckless as to refuse to raise debt limit or filibuster. That would be completely unconscionable. This has never been done before."
The US government can raise the debt ceiling to make it pay back its debts. This year's limit must be raised regardless of Biden’s spending plans. Democrats are urging Republicans to raise it. They claim that President Donald Trump has racked up another $7.8 trillion of debt. Trump's administration also increased or suspended the debt limit 3 times.
The best way for Democrats to lift the debt ceiling is through reconciliation. This difficult, time-consuming process is governed by strict budgetary regulations. Certain bills can also be passed by this system with a simple majority of 50 votes.
Biden stated on Saturday that everyone is frustrated after a week of setbacks, squabbles about the debt limit and his economic agenda. However, he said that he was confident that both an infrastructure bill as well as a $3.5 trillion bill for social spending will be eventually passed by Congress.
Democrats must keep the government funded and also fulfill their pledges to invest $550 billion in US roads, bridges and railroads. They also need to fund childcare, healthcare and combating climate change. Two moderate Democratic senators are not happy with the proposed changes. They want to reduce the $3.5 trillion social expenditure bill.
Biden stated that he will "work like hell" to ensure both of these bills are passed, adding that both plans have the support and backing of the majority of Americans.
He said that there was nothing in these pieces of legislation that is radical or unreasonable, and that he would travel across the country to get more support for both bills. "I believe that I can accomplish this."
