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 recent events underscore the need for Congress to address the debt limit as soon as possible. It’s time for Republicans to stop playing games, pass a clean debt ceiling bill, and quit threatening our economic recovery.
The President welcomes a separate conversation about our nation’s fiscal future. Earlier this month, he released a budget that cuts the deficit by nearly $3 trillion while lowering costs for families and investing in America. Speaker McCarthy and his extreme MAGA caucus have refused to put out a budget. All we’ve heard from them is a list of devastating cuts to law enforcement and border security and proposals to take health care away from Americans and raise health care and child care costs. All to pay for their tax giveaway to the super-wealthy and corporations. In fact, their proposals don’t reduce the deficit at all.