First modification:
New York (AFP) – The leader of the Republican opposition in the House of Representatives (Lower), Kevin McCarthy, reaffirmed on Monday that his party will not approve an increase in the US debt limit “without conditions”, before budget negotiations with the government.
In a speech at the New York Stock Exchange headquarters, McCarthy accused US President Joe Biden of “reckless” spending and asked him to agree to a “reasonable bargain” on the budget.
To quote Vice President Biden from the 2011 debt limit talks: “you can’t govern” without negotiating.
What changed, Mr. President?
I agree with the former, sensitive Joe Biden; I wish the current, extreme Joe Biden would listen to him too. pic.twitter.com/REeEWWeHQ8
—Kevin McCarthy (@SpeakerMcCarthy) April 17, 2023
With the increase in the debt limit of the United States, the stability of the largest economy in the world is at stake.
Republicans, with a majority in the House, have repeatedly threatened to block raising the country’s debt issuance limit if Democrats do not accept drastic budget cuts.
A little over a month ago, Biden warned that the dispute over the debt ceiling, which if not raised could plunge the country into an unprecedented ‘default’ or cessation of payments, represents “the greatest threat” to the economy.
In January, the United States hit its borrowing limit of $31.4 trillion, prompting the Treasury to take action.
Thus, the United States runs the risk of defaulting on its debt obligations since July if the Legislature does not resolve to raise the federal debt limit, the Congressional Budget Office (CBO) said in mid-February.
