Biden blamed Republicans for the U.S. defaulting on debt, calling their latest offers “unacceptable” and refusing to agree to a tax break for the oil industry.
via townhall:
After dodging reporter’s questions about the debt ceiling, President Joe Biden finally broke his silence after ignoring the problem for nearly 100 days.
His response? That if the U.S. defaults on debt, it is not his fault.
In fact, he blamed Republicans, calling the party’s latest offers on lifting the government’s debt ceiling “unacceptable.”
“I’ve done my part,” Biden said, “it’s time for the other side to move their team positions because much of what they were proposed is simply, quite frankly, unacceptable.”
“And so, let me be clear. I’m not going to agree to a deal, for example, that $30 billion tax break for the oil industry, which made $200 billion last year. They [Republicans] don’t need an incentive of another $30 billion,” the president continued.
HOUSE REP. SPEAKER MCCARTHY: IT SEEMS BIDEN WANTS TO DEFAULT MORE THAN WANTING A DEAL.
— Breaking Market News (@financialjuice) May 21, 2023
Treasury Secretary Janet Yellen said the 14th Amendment cannot be used to address the debt ceiling due to legal uncertainty and a tight timeframe. Chuck Todd asked if Congress will raise the debt ceiling and pay all of our bills.
via breitbart:
Treasury Secretary Janet Yellen said Sunday on NBC’s “Meet the Press” that President Joe Biden can not invoke the 14th Amendment to address the debt ceiling under the current circumstances.
Anchor Chuck Todd said, “Does the 14th Amendment fall under the category of extraordinary measures?”
Yellen said, “Well, extraordinary measures is used in a different way, but there hasn’t been much discussion of the 14th Amendment, and as President Biden said, I believe this morning, it doesn’t seem like something that could be appropriately used in these circumstances given the legal uncertainty around it and given the tight timeframe we’re on. So my devout hope is that Congress will raise the debt ceiling and we will pay all of our bills.”
Todd said, “Are you going to pay all of our debts and then let the court tell us we shouldn’t have if we breach the debt ceiling? I understand wanting to use it now, but are we really going to sit there and let bills go unpaid and not even trying this?”
The federal government is rapidly running out of cash and only has $57 billion as the debt ceiling talks hit a new impasse, per BI.
— unusual_whales (@unusual_whales) May 22, 2023