2023-05-03 03:15:00
Amid warnings that the US federal government could fall into default (default) on the 1st of next month, President Joe Biden reaffirmed his position that the issue of raising the debt ceiling is not a subject of negotiation. The tug-of-war between the White House and Republicans over the debt ceiling is expected to continue for some time.
In a briefing on the 2nd (local time), White House spokeswoman Carine Jean-Pierre pointed to a meeting of opposition leaders, including President Joe Biden and Republican House Speaker Kevin McCarthy, scheduled to be held on the 9th, saying, “The president will not negotiate on the debt ceiling issue.” said. Spokesman Jean-Pierre added that “the president is willing to have a separate conversation with the leadership of Congress about spending and budget.” Spokesman Jean-Pierre urged Republicans to fulfill their “constitutional obligations,” saying that the debt ceiling had been raised three times in the former Republican Donald Trump administration.
The previous day, Treasury Secretary Janet Yellen said in a letter to Congressional leadership, including Speaker McCarthy, that it would be difficult to meet all government payments on June 1. The current debt ceiling of the US government is 31.4 trillion dollars (approximately 4 trillion 2107 trillion won). The debt ceiling, which sets limits on federal borrowing, can only be raised with Congressional approval.
President Biden and the White House have been demanding that the Republican Party, which has taken the lead in the House, raise the debt ceiling without preconditions. Republicans have maintained that they can discuss raising the debt ceiling on the condition that government spending is adjusted. Republicans in the House last week single-handedly passed a bill that would increase the debt ceiling by $1.5 trillion on condition that it cut government spending by $4.8 trillion over the next 10 years.
In this regard, the White House stormed the Republican bill, saying, “Republicans are holding America’s trust and confidence hostage to hurt veterans, increase the cost of hard-working families, and hinder economic growth.” According to the Republican bill, student loan relief and the clean energy fund under the Inflation Reduction Act (IRA), which President Biden considers a feat, are subject to cuts. In response, the White House published a bundle of fact sheets containing the impact that the bill would have on Washington DC and the 50 US states, saying that the bill was in stark contrast to President Biden’s budget bill. The bill promoted by the Republican Party is unlikely to pass in the Senate, where the Democratic Party is the majority, and President Biden also predicted a veto.
The Washington Post (WP) and other U.S. media reported that the White House and Congress have only about a week to discuss this issue, so they are paying attention to whether a dramatic agreement can be reached. President Biden leaves for Hiroshima, Japan to attend the G7 summit on the 19th after a meeting between the president and the leadership of Congress scheduled for the 9th. The WP said that while the positions of both the White House and the Republican Party are strong, an interpretable agreement may be reached in a way that is advantageous to each.
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