Excuses Fly From Treasury Officials Over Debt Ceiling Crisis

President Joe Biden has been criticized for waiting until the threat of a historic default became imminent to negotiate the debt ceiling, despite the looming deadline. The Treasury Department insists the president did not wait and has been pushing for aclean bill to raise the debt ceiling above the current limit of roughly $31.4 trillion.

The Treasury Department‘s Deputy Secretary Wally Adeyemo argued that Bidendidnt wait because he proposed a budget in March to reduce the debt by nearly $3 trillion over the next decade. Adeyemo noted, that Republicans passed their own plan in the following month and Biden then invited congressional leaders to discussfiscal policy.

However, Congressional leaders failed to come up with an agreement during a meeting at the White House last week and a planned second meeting on Friday was postponed. Adeyemo contended the conversations wereconstructive and stated that Biden hasmade clear he does not think invoking the 14th Amendment to get around Congress wouldsolve our problems now.

But Republicans aren‘t giving up that easily. House Speaker Kevin McCarthy (RCA) tweeted on Friday that,Its clear that the only responsible way to raise the debt ceiling is to limit reckless spending and get inflation under control.

Meanwhile, the Congressional Budget Office warned that there issignificant risk that the government would no longer be able to pay all of its debts at some point during the first two weeks of June if the debt limit remains unchanged.

Adeyemo countered that Bidens view is thatwe should be able to raise the debt limit and also be able to get a deal with regard to fiscal policy.

This delay has led many to criticize President Biden for waiting until the last minute to negotiate and address the debt ceiling. The deadline is quickly approaching and it remains to be seen if Biden and Congress can come to an agreement before the country faces a potential default.

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