The US has “no good options” to avoid an “economic calamity” if lawmakers refuse to raise the debt ceiling in the next few weeks, Treasury Secretary Janet Yellen said Sunday. The …
Yellen said the debt ceiling had been raised by bipartisan lawmakers 78 times before, including three instances under former President Donald Trump.
“It simply is unacceptable for Congress to threaten economic calamity for American households in the global financial system as the cost of raising the debt ceiling and getting agreement on budget priorities,” she warned.in exchange for slashing spending and tax breaks on renewable energy while canceling President Joe Biden’s student debt forgiveness proposal was not expected to be advanced in the Democratic-controlled Senate or signed by Biden.
“We have to avoid default, period,” the Brooklyn Democrat said, citing a “constitutional responsibility” to “protect the full faith and credit” of the US.“President Biden has continued to make clear that we can have a discussion about the right balance of spending, investments and revenues to make life better for everyday Americans,” he said..
A group of 43 Senate Republicans on Saturday said they oppose a Democrat-favored, no-strings-attached raising of the debt ceiling. The right-leaning coalition said “substantive spending and budget reforms” need to be “a starting point” in negotiations. Several prominent moderate Republicans did not sign the letter.“Everyone knew this was coming and the President’s refused to be able to negotiate about it,” he told “This Week.”
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