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President Joe Biden is urging Republicans not to use the filibuster to block Democrats in the Senate from raising the U.S. debt ceiling.
“If you don’t want to help save the country, get out of the way, so you don’t destroy it,” said Biden during remarks delivered Monday. “We don’t have time to delay with elaborate procedural schemes, which Republican proposals require, scores of votes without any certainty at all, many of which have nothing to do with the debt limit at all.”
President Biden on the debt limit: "Republicans just have to let us do our job. Just get out of the way. If you don't want to help save the country, get out of the way, so you don't destroy it." pic.twitter.com/kIVWXTJPbP
— CBS News (@CBSNews) October 4, 2021
Treasury Secretary Janet Yellen has warned that if Congress doesn’t raise the debt ceiling by Oct. 18, the U.S. could default on its financial obligations for the first time in history.
“At that point, we expect Treasury would be left with very limited resources that would be depleted quickly. It is uncertain whether we could continue to meet all the nation’s commitments after that date,” wrote Yellen in a letter to House Speaker Nancy Pelosi last week.
Biden explained that Republicans want Democrats to raise the debt limit on their own, but they are also threatening to filibuster a House-passed measure that would have only required 50 votes to pass.
“This would block the Democrats from meeting our obligations and responsibilities to prevent Congress from raising the debt limit,” said Biden. “So, let’s be clear, not only are Republicans refusing to do their job, they’re threatening to use their power to prevent us from doing our job: saving the economy from a catastrophic event.”
Biden ripped the GOP for standing in the way.
“I think, quite frankly, it’s hypocritical, dangerous and disgraceful,” said Biden. “Their obstruction and irresponsibility know absolutely no bounds, especially as we’re clawing our way out of this pandemic. Democrats will meet our responsibility and obligation to this country. We’re not expecting Republicans to do their part. They made that clear from the beginning. We tried asking to no avail. We’re just asking them not to use procedural tricks to block us from doing the job that they won’t do.”
“A failure to raise the debt limit will call into question Congress’ willingness to meet our obligations that we’ve already incurred. This is going to undermine the safety of the U.S. Treasury securities, and it will threaten the reserve status of the dollar as the world’s currency that the world relies on. American credit rating will be downgraded, interest rates will rise for mortgages, auto loans, credit cards, and borrowing,” said Biden.
Both parties have voted to raise the debt limit in the past, with Democrats joining the Republican Senate majority in doing so three times during Donald Trump’s presidency.
