Joe Biden: In order to avoid sending the U.S. economy into a recession that would eliminate thousands of jobs, U.S. President Joe Biden increased pressure on Republican lawmakers on Wednesday to act fast to raise the nation’s $31.4 trillion debt cap. “We have got to fight,” In Valhalla, New York, at a flag-draped rally held at Westchester Community College, Biden declared, “We’re going to win this fight.”
Biden urges compromise and warns of dire consequences if debt ceiling not raised
As his advisers and the staffs of congressional leaders convened in Washington to try and find common ground before a June 1 deadline, Biden made his case in a congressional district that the Republicans narrowly won in November. As early as June 1, according to the Treasury Department, the government won’t be able to pay its bills. Republicans have vowed to support lifting the debt ceiling only if Vice President Biden consents to retroactive spending cuts. Biden stated that he wants to negotiate the next budget but wants the debt ceiling raised without any accompanying spending cutbacks. A government default, according to Biden, would ruin the post-pandemic economy, and he cited programmes that would be cut if Republicans got their way, such as veteran suicide prevention. “Now is not the moment to jeopardise all of this, to signal a recession, or to tarnish America’s reputation abroad. Republican threats are harmful and illogical,” he said.
Biden takes on fossil fuel industry
Additionally, Biden stated that the fossil fuel industry wants the government to stop offering tax breaks to people and companies who install energy-saving technology. In an effort to advance the debt ceiling discussion and prevent a historic default, Biden met with top Republican and Democratic lawmakers for the first time in three months the day before he gave his speech. The Republican budget-cutting plan has been nicknamed the “Default on America” act by the White House. Before Biden and the leaders meet again on Friday, White House advisers are in daily meetings in Washington with the staffs of the congressional leaders. The college where Vice President Biden spoke is situated in a suburban district that is represented by Republican congressman Mike Lawler, one of a select group of New York Republicans who ousted Democrats in 2022 to give his party a slim 222-213 House of Representatives majority. Lawler showed up but remained silent during the event.
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Biden attends high-dollar fundraisers amid debt ceiling negotiations
Republicans who narrowly won seats in the House are seen by Democrats as potentially susceptible to pressure to defy party leadership and support a package that would lift the debt ceiling unconditionally. Additionally, the president was present at two fundraisers for his 2024 reelection campaign that were organised by two affluent donors; Tony James, a former executive at Blackstone, and George Logothetis, Executive Chairman of the Libra Group. According to a message to contributors, admission to the James event will cost $25,000 per person. This year, Biden made the announcement that James will join his intelligence advisory council.
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