Thursday, June 1, 2023

President Joe Biden confirms that there will be “no default” in the United States

President Joe Biden said this Thursday that the United States will avoid a default even as lawmakers begin their 10-day recess not reaching agreement by increasing the nation’s debt.

There are weeks left until June 1, the period from which the government runs out of money to honor its debts And this could trigger an earthquake that shook the markets of the world.

Members of Congress have left for the long Veterans Day holiday and are not expected to return before the fourth of next month.

“There shall be no failure,” asBiden confirmed that he was at the White House “fruitful” negotiations with the Republican Speaker of the House of Representatives, Kevin McCarthy.

But the Democratic minority leader in that chamber, Hakeem Jeffries, was beaten by the Republicans. He accused them of abandoning his office in Washington and “sinking into a dangerous default in the crisis of his party.”

“And these Republicans are saying that Joe Biden didn’t want to sit down with them to negotiate,” he added. “False narrative.”

House Republicans are demanding public spending cuts of up to $130 billion in exchange for votes to raise the debt ceiling. Even stricter requirements for applicants aid and assistance to recover money that is not spent during the covid pandemic.

Democrats reject the repeal and Republicans want to unconditionally support the debt ceiling issue, as they have done decades before.

military preparation

For months economists have been predicting economic disaster if the United States defaults. This Thursday, who spoke, was a senior military commander of the Pentagon and announced that the default “will have a significant impact on the forces.”

“Preparation is obviously affected. So our large-scale exercises would be delayed or blocked in many cases,” Mark Milley, the chairman of the Chief of Staff, told reporters.

McCarthy told lawmakers They must return to Vienna immediately if, in their absence, a convention is held and decided in the House.

The lawmaker said he would not accept the Biden administration’s idea of ​​imposing tax hikes on corporations or the wealthy as an alternative.s cuts to reduce the national debt burdenwhich exceeds 31 trillion dollars.

McCarthy pointed to a CNN poll released this week in which 60% of those questioned said an increase in the debt ceiling should be accompanied by cuts, although 51% of those questioned in a University of Monmouth poll said they wanted to open two issues. .

We know where our differences lie and we continue to be at the table to resolve the issue,” said McCarthy.

‘The difference is made;’

White House chief of staff Jeff Zients has suggested that Republican protests over the administration’s spending are disingenuous. Zients pointed out that the Republican plan to extend the Donald Trump-era tax cuts, which Democrats say will add $3.5 trillion to the debt.

The debt ceiling is not reached by increasing the debt in the future. It alone allows the government to carry out the tasks already approved and implemented.

Treasury Assistant Secretary Wally Adeyemo told investors in a Washington conference that they are at risk of default “Criminal Fabrication” which is now more expensive to borrow and cost Americans money.

If the process is not rushed, the convention would require at least 10 days to be approved by the House of Representatives and the Senate and reach Biden’s desk.

Social security costs Some of the 25,000 million dollars that was planned for June 2 could be interrupted.

Nation World News Desk
Nation World News Desk
Nation World News is the fastest emerging news website covering all the latest news, world’s top stories, science news entertainment sports cricket’s latest discoveries, new technology gadgets, politics news, and more.
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