New analysis by the White House Council of Economic Advisers illustrates that if the U.S. government were to breach the debt ceiling, the economy would quickly shift into reverse, with a protracted default likely leading to job losses numbering in the millions.
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Remarks by President Biden on the Bipartisan Budget Agreement
Roosevelt Room 6:27 P.M. EDT THE PRESIDENT: I’m sorry to keep you waiting, but we’ve got good news. We’ve got a — I just spoke with Speaker McCarthy, and we’ve reached a bipartisan budget agreement that we’re ready to move to the full Congress.And I think it’s a really important step forward — excuse me…
Remarks by President Biden Before Meeting with Speaker McCarthy to Discuss the Debt Ceiling
Oval Office 5:44 P.M. EDT THE PRESIDENT: Well, I’m glad the Speaker is here today. We — we’re optimistic we may be able to make some progress because we both agree that we — default is not really on the table; we got to get something done here. And the consequence of failing to pay…
ICYMI: Defense Secretaries Panetta and Hagel: “Debt-ceiling brinksmanship weakens US national security”
Today, former Secretaries of Defense Leon Panetta and Chuck Hagel warned that brinksmanship on the debt ceiling would have serious consequences for national security, noting: “The consequence of debt-ceiling brinksmanship is a dangerous self-inflected wound that tells both our friends and our enemies that we cannot be trusted. Such brinksmanship weakens our national security.” The…
Press Briefing by Press Secretary Karine Jean-Pierre
James S. Brady Press Briefing Room 1:18 P.M. EDT MS. JEAN-PIERRE: Oh, what’s going on? Good afternoon. Q Good afternoon. MS. JEAN-PIERRE: I hear comments. Okay, here we go. So, yesterday, Secretary Yellen estimated that without action by Congress, we could be unable to meet our obligations. In other words, default as early as June 1st. The updated projection should…
Press Briefing by Press Secretary Karine Jean-Pierre
James S. Brady Press Briefing Room 12:27 P.M. EDT MS. JEAN-PIERRE: Okay. Good afternoon, everybody. All right, let’s get going because I know we’re going to have to end this earlier than usual. Okay. I see your hand. Give me a second, Ed. I see you. Okay, as you all know, a bit later this afternoon the President will…
Statement from Press Secretary Karine Jean-Pierre on Speaker McCarthy’s Letter
Congress has a constitutional obligation to address the debt limit – as they did three times in the previous administration without conditions. Business leaders and economists have warned that the threat of a default risks the livelihoods of American small businesses, retirees, and working families and would hand a massive win to China — and…
The Debt Ceiling: An Explainer
By Chair Cecilia Rouse, Ernie Tedeschi, Martha Gimbel, and Bradley Clark The United States hit its debt limit on August 1st, and the Treasury Department will soon run out of cash and other resources to stay below it, risking a default on obligations. Many do not fully understand what the debt limit is and the…
Remarks by President Biden After Meeting With Federal Emergency Preparedness and Response Leaders on Extreme Weather Preparedness
Roosevelt Room 1:14 P.M. EDT THE PRESIDENT: I just — I just had a significant briefing from Cabinet members and agency chiefs to prepare for the 2023 hurricane season and peak wildfire season. And last year, hurricanes and other extreme weather events here in the United States caused over $165 billion in damages. Three hurricanes —…
Press Briefing by Press Secretary Karine Jean-Pierre
James S. Brady Press Briefing Room 3:35 P.M. EDT MS. JEAN-PIERRE: Hi, everybody. Q Hi. MS. JEAN-PIERRE: Join us, Weijia. Join us, join us. Let me first congratulate the White House Correspondent Association for a very successful, wonderful weekend. I want to also thank the President, Tam — she’s not here today — Tamara Keith,…
