Saturday, October 23, 2021

Biden makes case for raising debt limit, blames Republicans for deadlock

October 4 (WNN) — President Joe Biden on Monday tried to move the debt limit directly to US residents, carefully explaining what the debt limit is and blaming Republicans fully for the impasse.

During a White House news conference, Biden noted that Republicans raised the debt limit three times while former President Donald Trump was in office, all with Democratic support.

Describing his position today as “hypocritical”, he said now Republicans are threatening “the full confidence and credit of the United States” by not supporting the debt limit increase.

“Debt ceiling is about paying off old debt,” Biden said. “Republicans will not raise the debt limit, even if they account for the $8 trillion bill they made under the previous administration.”

Biden attempted to draw a direct line from the debt limit battle to the pocketbooks of the average US resident, saying that loan limit defaults would ruin the country’s credit rating, leading to a surge in higher mortgage rates and various interest rates that affect credit. Will affect card debt and others. sector of economy.

“we [as a country] Can always borrow because we’ve always paid off our debts,” Biden said. “We pay what we owe. That’s America. That’s us.”

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Senate Minority Leader Mitch McConnell, R-Ky., wrote a letter to Biden on Monday, suggesting Democrats could pass the debt threshold through a reconciliation process.

According to The Hill newspaper, McConnell said, “The Republican position is simple. We don’t have a list of demands.” “For two and a half months, we have only warned that since your party wants to rule alone, it will have to handle the debt ceiling alone.”

Biden said he had seen McConnell’s letter shortly before the news conference, but declined to elaborate, except to say that he would address the letter’s contest with him.

When asked whether he would inspire Democratic leaders to overcome the debt threshold through reconciliation, Biden initially shrugged off the idea. He said the process could take “hundreds of votes”, calling it a “complicated, cumbersome process” with no guarantee of success.

Senate Majority Leader Chuck Schumer, D.N.Y., has said he does not want to pass the debt limit increase through conciliation.

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