‘We’re Not a Deadbeat Nation’
Biden expresses willingness to talk to Republicans about spending, but not under threat of default
President Biden is holding firm on his decision not to negotiate with House Speaker Kevin McCarthy and other Republicans over federal spending while they use the potential for default as a political wedge.
“We’re not a deadbeat nation. We pay our bills,” the president said Friday at the White House.
The federal government has hit its cap on paying its bills, and the extraordinary measures which Treasury Secretary Janet Yellen has been using in the meantime will run out as early as June 1.
If that happens, the federal government would go into default, triggering a global economic meltdown.
Although Congress has raised the debt limit dozens of times under presidents of both parties for decades — including several times under Republican Donald Trump — this time House Republicans led by McCarthy are insisting on draconian cuts to federal spending in exchange for a debt ceiling increase.
Biden, however, has shown no inclination to negotiate while Republicans hold the future of the economy hostage.
“And as I’ve said, all along, we can debate where to cut, how much to spend, how to finally move the tax system where everybody has to pay their fair share or continue the route they’re on. But not under the threat of default,” Biden said. “Let’s have the normal arguments. That’s why we have a budget process to debate in open, so you all can see it and know exactly what it is that they want to spend the money on, what they want to cut it on, who pays taxes, who doesn’t pay taxes, and us as well. We’re ready for that debate. We’re ready for that debate.
“We’ve made enormous progress over the past two years. And again, just today reporting 250,000 new jobs. Just this last report. The last thing this country needs after all we’ve been through is a manufactured crisis,” the president added. “And that’s what this is, a manufactured crisis. And that’s what it is from beginning to end. It’s a manufactured crisis driven by the MAGA Republicans in the Congress.”
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