Mitch McConnell back home after completing physical therapy for concussion
March 26, 2023
President Joe Biden and Speaker of The House Kevin McCarthy locked horns ahead of their first meeting in regard to America’s debt ceiling.
White House advisers Brian Deese and Shalanda Young sent out a memo which states that Biden plans to ask McCarthy to “commit to the bedrock principle that the United States will never default” and to provide a specific roadmap to decrease the deficit if he wants to attach it to an extension of the debt ceiling.
McCarthy took to Twitter to respond to Biden’s memo. “Mr. President: I received your staff’s memo. I’m not interested in political games. I’m coming to negotiate for the American people.”
MrCarthy was asked about his stance on Biden’s demand for a promise that the United States won’t default on their debt McCarthy told reporters on Tuesday that “It’s irresponsible to say as the leader of the free world to say he’s not going to negotiate. I hope that’s just his staff and not him.”
At a Democratic National Committee event later on Tuesday, Biden hit out at McCarthy for making “off-the-wall” promises to fellow Republicans to cement his speaker position.
A deadline to avoid the default scenario has been set by The Treasury.
In a letter sent to congressional leaders on Thursday, Treasury Secretary Janet Yellen said that the necessary financial tools to meet the country’s obligations can continue until at least Monday, June 5. After this date, Congress will need to act to prevent default.
Yellen said in the letter that “the period of time that extraordinary measures may last is subject to considerable uncertainty, including the challenge of forecasting the payments and receipts of the U.S. Government months into the future.”
Sen. Brian Schatz (D-HA) said Democrats stand by Biden’s decision to refuse to policy add-ons to a debt ceiling extension.
“We’re totally unified. They are in a car crash before they even get started,” he said. “They don’t know what their budget is. They don’t know what they’re demanding. They just have this vague notion that this is a place where they’re supposed to make trouble. And it doesn’t work. It won’t work. We’ve learned our lesson from 2011.
“The quicker they understand that they have to solve this problem for themselves, the better off they will be and the better off the country will be,” he said. “There’s not room for negotiation around the debt limit. The debt limit question is about whether or not America pays its bills. And if they want to connect it to any other extraneous item, I’m a no.”
Sen. Rick Scott (R-FL) that it should be on Biden to formulate a debt ceiling plan that can pass congress.
“I don’t know why he doesn’t want to do that. I mean, he’s the one who wants to raise the debt ceiling,” Scott said. “He ought to be doing it. He’s the president.
“He’s got the authority to do this on his own, by the way. It’s clear that Treasury Department has a right to make sure we don’t default on our debt,” Scott added.
A spokesman for Rick Scott clarified of his points later on saying that he meant the Treasury Department are able to prioritize payments to creditors in the event that the U.S. breaches the limit, not that “Biden can lift the debt ceiling whenever he wants.”
ARTICLE: PAUL MURDOCH
MANAGING EDITOR: LUKE MOCHERMAN
PHOTO CREDIT: NBC NEWS