'They [Republicans] need to stop playing Russian roulette with the U.S. economy....If you don't want to help save the country, get out of the way,' Biden said.
still does not support Biden's multitrillion-dollar tax and economic agenda, which Biden said will be paid for by raising taxes on corporations and wealthy citizens earning $400,000 a year.
McConnell refused to lend his party's help, saying in a letter he wrote Monday that the Republican Party has already tried to warn the rest of the government of what was to come. "We have no list of demands. For two and a half months, we have simply warned that since your party wishes to govern alone, it must handle the debt limit alone as well," McConnell said.As the government comes critically close to a credit default, Senate Minority Leader Mitch McConnell still does not support President Joe Biden's multitrillion-dollar tax and economic agenda. Above, Biden speaks on the debt ceiling during an event in the White House on October 4, 2021, in Washington.
Biden and McConnell have promised 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 said the debt limit applies to borrowing that has already occurred, including under former PresidentOnce a routine vote, the need to raise the nation's debt limit has become increasingly partisan.
The financial markets have stayed relatively calm with interest rates on 10-year Treasury notes holding just below 1.5 percent. That rate is slightly higher than the all-time lows set last year as the coronavirus pandemic spread, but it's still lower than at any other time over nearly 60 years of data tracked by the Federal Reserve.
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