President Joe Biden declared Thursday the United States would avoid a disastrous credit default even as lawmakers went on a 10-day break without a deal on raising the nation's borrowing limit to keep paying the bills. ManilaBulletin
There are seven days until June 1 -- the earliest possible point when the government estimates it could run out of money to service its debts -- and missed loan repayments would likely spark a recession, roiling world markets.
But Democratic minority leader Hakeem Jeffries slammed the Republicans from the House floor, accusing them of having abandoned their jobs in Washington to "risk a dangerous default in a crisis that they've created." Economists have spent months raising the prospect of economic catastrophe should the government default, and top military brass added their own dire prognosis Thursday, warning that the crisis would have a "significant negative impact" on troops.
Speaking on Fox News Thursday, the speaker rejected demands for a "clean" bill and added that he would not agree to tax increases on corporations or the rich as an alternative to cuts for reducing the nation's $31 trillion-plus debt burden.
Raising the cap simply enables the government to make repayments on loans that have already been approved and carried out, and has no implications for future spending.
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