The US president said partisan differences did not prevent Congress from avoiding default before
US President Joe Biden said he was confident of a potential deal with Republicans to raise the debt ceiling. The US government has until June 1 to reach a decision and prevent the country from defaulting.
In a conversation with reporters at the White House on Wednesday (May 17, 2023), the Democrat said partisan differences did not prevent Congress from avoiding impeachment before and will not prevent it now. He further stated that “The United States will not default”. Here it is full From the advertisement (65 KB, in English).
“All leaders understand the consequences if we fail to pay our bills, it would be disastrous for the American economy and the American people.”Biden said.
Speaker of the US House of Representatives, Kevin McCarthy, met with Biden on May 3 (May 16) to determine the conditions for approving the debt limit increase and advancing negotiations. However, no agreement was reached.
Democrats and Republicans remain at odds over the requirements for raising the spending cap as Treasury Secretary Janet Yellen approaches a deadline.
United States government Loan limit reached $31.4 trillion on January 19, 2023, forcing Yellen to make the decision “extraordinary measures” To avoid a historic default, such as the temporary withdrawal of investments in pension and social security funds.
Since the 1960s, the United States more spending cap 78 times. Of those, 49 times have been under Republican presidents and 29 times under Democratic presidents.
The debt limit is the total amount of money that the government is allowed to borrow—by selling U.S. Treasury securities—to meet its obligations, such as paying Social Security benefits, Medicare, military salaries, interest on the national debt, and tax refunds.
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