Joe Biden has slammed Republicans for pushing the U.S. government toward a historic debt default, warning that a meteor is crashing into our economy.
Biden’s statement came as there is a limit to how much money the federal government can take, which only Congress has the power to raise or lower.
The US Treasury has said it will not be able to pay its bills until around October 18 unless Congress raises its current $ 28.4 trillion debt limit. Failure can cause chaos in the US and world economies.
Senate Republicans have twice blocked actions to raise the limit, arguing that Democrats could use a maneuver known as budget reconciliation to act alone.
“They will not raise it even though non-payment of debt would lead to a self-inflicted wound that leads our economy nowhere,” Biden said in a televised speech Monday, noting that part of the debt had been caused. by Donald Trump and is not related to his spending plans.
To be part of the group »AOL“just click: Join Group and your request will be approved immediately.