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Joe Biden’s Nightmare: Could America Really Default?

Former Vice President of the United States Joe Biden speaking with attendees at the 2019 Iowa Democratic Wing Ding at Surf Ballroom in Clear Lake, Iowa. Image Credit: Gage Skidmore.
Former Vice President of the United States Joe Biden speaking with attendees at the 2019 Iowa Democratic Wing Ding at Surf Ballroom in Clear Lake, Iowa.

President Joe Biden and Republican House leader Kevin McCarthy said on Wednesday that they are working to reach a deal on the debt ceiling by Sunday.

The comments come as the pair continue negotiations on raising the $31.4 trillion debt ceiling to ensure that the United States can avoid defaulting on its debt obligations.

Speaking to reporters at the White House, the president said that the two parties will “come together” because there is no alternative.

“To be clear, this negotiation is about the outlines of the budget,” the president said, explaining that both sides believe that debt payments will be made.

“The leaders have all agreed: We will not default. Every leader has said that.”

The president’s comments could go a long way in ensuring Americans that a potentially catastrophic default occurs, throwing the U.S. economy into turmoil, shutting down the government, and creating long-term financial instability.

Republicans continue to press Senate Democrats on spending cuts, with House leader McCarthy arguing that substantial cuts must be made to ensure that debt does not continue to rise at unsustainable levels.

When asked by reporters on Sunday whether a deal could be reached by the end of the week, McCarthy said he believes it can be done.

“We’re on such a short timeline, it makes it almost harder,” McCarthy said. “But there’s one thing you know, for me, I never give up. I have the grit, the perseverance and we’re going to get it done.”

House Dems Want to Force Debt Limit Vote

Also on Wednesday, House Democrats moved forward with plans to force a vote on whether or not the debt limit should be raised in the event that negotiations stall between the House GOP and President Biden.

In a letter to his House colleagues, Democratic House minority leader Hakeem Jeffries asked House Democrats to sign a discharge petition which would force a House vote on the matter. The petition would first require 218 members to sign it, however, meaning five Republicans would need to join the Democrats in forcing the vote. Republicans would also need to side with Democrats on the issue to win the vote, should it go ahead.

With Republicans fighting for spending cuts, however, Jeffries may have a fight on his hands to get enough Republican members on board. This week, however, Jeffries said that he believes a pathway exists for a “bipartisan resolution that prevents a default.”

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Jack Buckby is 19FortyFive’s Breaking News Editor. He is a British author, counter-extremism researcher, and journalist based in New York. Reporting on the U.K., Europe, and the U.S., he works to analyze and understand left-wing and right-wing radicalization, and reports on Western governments’ approaches to the pressing issues of today. His books and research papers explore these themes and propose pragmatic solutions to our increasingly polarized society.

Written By

Jack Buckby is 19FortyFive's Breaking News Editor. He is a British author, counter-extremism researcher, and journalist based in New York. Reporting on the U.K., Europe, and the U.S., he works to analyze and understand left-wing and right-wing radicalization, and reports on Western governments’ approaches to the pressing issues of today. His books and research papers explore these themes and propose pragmatic solutions to our increasingly polarized society.

6 Comments

6 Comments

  1. David Chang

    May 18, 2023 at 11:59 am

    God bless people in the world.

    The Democratic Party want to force the Republican Party to accept the Green New Deal and Modern Monetary Theory. Unlimited issuance of the U.S. dollars.

    God bless America.

  2. zidane

    May 18, 2023 at 12:11 pm

    thanks nice good

  3. Dave Nelson

    May 19, 2023 at 3:52 pm

    A default means not paying interest on Treasury notes. It does not mean not paying other bills on time and it certainly does not mean not paying income transfers on time.

    While the 2nd and 3rd examples are politically charged they are not Constitutionally forbidden.

    There is plenty of money for paying bond debt if those are the only bills due that are paid.

  4. Yrral

    May 19, 2023 at 6:41 pm

    You can run from the truth,but you cannot hide from the Truth,the truth as today ,the US is headed for default,if you do not have liquid assets,you are screwed,if you do not have at least two months of liquid
    cash

  5. dave

    May 20, 2023 at 4:47 am

    The can kicking is coming to an end for the west between today, and 2032. We will all default.

  6. len

    May 20, 2023 at 9:52 am

    31 U.S. Code § 3123 – Payment of obligations and interest on the public debt.
    Is federal law that ensures the payment of government securities, (Treasury obligations).

    Social Security has its own set of payment guarantees and will not be affected.

    Other payments to (fund) government bureaucracy the root cause of national debt accumulation is not covered by 31 U.S. Code § 3123. Likely could affect payment of government employee wages and salaries. Would anyone really care if Brandon didn’t get paid for doing such a wonderful job?

    Are we expected to believe that the politicians for even one day, will be denied foolishly spending more taxpayer money on stupid shit?

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