Representatives of the Republican Party in the House of Representatives of the US Congress are threatening to default in the country on its debt obligations in order to achieve their political goals. This opinion was expressed on Monday, February 27, by US President Joe Biden.
The American leader in his Twitter recalled that the United States has been paying its bills for 200 years.
“Now Republicans in the House of Representatives want to play politics with the confidence of being right and the credibility of the United States, threatening to default on our debt if they don’t get their way,” Biden said.
The President of the United States assured that he would not allow the Republicans to take away their healthcare from citizens in order to balance the country’s budget.
Earlier, on February 16, Joe Biden during a speech promised that he would not allow a default in the United States. He also accused the Republicans of trying to take the country’s economy “hostage”. The American leader stressed that the declaration of default in the country would be a disaster for the United States.
The day before, the US Congressional Budget Office warned that without an increase in the ceiling of the US external debt in the country, a default could begin between July and September of this year.
On February 2, it became known that Joe Biden refused to negotiate an increase in the national debt, insisting that Congress should make a decision without any conditions. On the same day, Republican Speaker of the US House of Representatives Kevin McCarthy said that he would not allow an increase in public debt without a reform of government spending. He pointed out that the increase in public debt should be accompanied by a “change in behavior” in relation to budget spending.
On January 19, US Treasury Secretary Janet Yellen announced that the department had taken emergency measures to avoid a default in connection with the achievement of the national debt ceiling. So, on the same day it became known that the total US public debt approached $31.5 trillion.
In October, the US national debt for the first time in history exceeded $31 trillion. As of October 3, the country’s total debt exceeded $31 trillion, of which over $24 trillion was owed to individuals. In addition, $6.8 trillion goes to domestic holdings.
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