Biden’s criticism on Monday came with Congress facing an October 18 deadline to allow for more borrowing to keep the Government operating after having accrued a total public debt of $28.4 trillion.
The House has passed a measure to suspend the debt limit, but McConnell is forcing Senate Democrats into a cumbersome process that could drag on and approach the deadline with little margin for error.
Both Biden and McConnell have promised that the country will avoid default, yet the public fight and political posturing risks an economic meltdown. The global economy relies on the stability of U.S. Treasury notes, and unpaid debt could crush financial markets and hurl America into recession.
Biden noted that the debt limit applies to borrowing that has already occurred, including under former President Donald Trump, and said Republicans are hurting the country by blocking the limit’s suspension.
“They need to stop playing Russian roulette with the U.S. economy,” Biden said at the White House. “Republicans just have to let us do our job. Just get out of the way. If you don’t want to help save the country, get out of the way so you don’t destroy it.”
Unmoved, McConnell said Republicans had given the Democrats a roadmap for dealing with the debt ceiling with months of warning. “I suggest that our Democratic colleagues get moving,” McConnell said at the Capitol.
– THE STATESMAN