Biden blames McConnell for 'meteor' heading toward U.S. economy
President Biden blamed Senate Republicans and Minority Leader Mitch McConnell (R-Ky.) for the country's precarious financial situation on Monday, warning that a "meteor" is headed toward the U.S. economy if the debt limit is not raised within the next two weeks, Bloomberg reports.
When asked whether he could guarantee the U.S. wouldn't reach the limits on its debt, Biden said he couldn't, and that it's "up to Mitch McConnell."
"I can't believe that that will be the end result because the consequence is so dire," Biden added, referencing a situation in which the country could not pay its debts. "I don't believe that. But can I guarantee it? If I could, I would, but I can't." The debt ceiling sets the maximum limit on U.S. borrowing under federal law.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
McConnell has insisted for months that Republicans will not help the majority party raise the nation's debt ceiling, arguing Democrats have the tools to do so themselves on a partisan basis via the reconciliation process. The minority leader penned Biden a letter on Monday asking him to direct Democrats to do exactly that. The president said he plans "on talking to Mitch about it" and hopes "we can have some intelligent and honest conversation about what he's proposing," per Bloomberg; otherwise, Biden believes using the reconciliation method to be "cumbersome" and "risky."
In any event, Treasury Secretary Janet Yellen has separately warned her department will run out of cash around Oct. 18 if the debt limit is not raised or suspended, meaning time is, of course, of the essence.
"A meteor is headed to crash into our economy," warned Biden on Monday. "Democrats are willing to do all the work stopping it. Republicans just have to let us do our job."
Create an account with the same email registered to your subscription to unlock access.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Brigid Kennedy worked at The Week from 2021 to 2023 as a staff writer, junior editor and then story editor, with an interest in U.S. politics, the economy and the music industry.
-
'Republicans want to silence Israel's opponents'
Instant Opinion Opinion, comment and editorials of the day
By Harold Maass, The Week US Published
-
Poland, Germany nab alleged anti-Ukraine spies
Speed Read A man was arrested over a supposed Russian plot to kill Ukrainian President Zelenskyy
By Peter Weber, The Week US Published
-
Today's political cartoons - April 19, 2024
Cartoons Friday's cartoons - priority delivery, USPS on fire, and more
By The Week US Published
-
'Republicans want to silence Israel's opponents'
Instant Opinion Opinion, comment and editorials of the day
By Harold Maass, The Week US Published
-
Poland, Germany nab alleged anti-Ukraine spies
Speed Read A man was arrested over a supposed Russian plot to kill Ukrainian President Zelenskyy
By Peter Weber, The Week US Published
-
Israel hits Iran with retaliatory airstrike
Speed Read The attack comes after Iran's drone and missile barrage last weekend
By Peter Weber, The Week US Published
-
Peter Murrell: Sturgeon's husband charged over SNP 'embezzlement' claims
Speed Read SNP expresses 'shock' as former chief executive rearrested in long-running investigation into claims of mishandled campaign funds
By Arion McNicoll, The Week UK Published
-
Mark Menzies: Tories investigate MP after 'bad people' cash claims
Speed Read Fylde MP will sit as an independent while party looks into allegations he misused campaign funds on medical expenses and blackmail pay-out
By Arion McNicoll, The Week UK Published
-
'A direct, protracted war with Israel is not something Iran is equipped to fight'
Instant Opinion Opinion, comment and editorials of the day
By Harold Maass, The Week US Published
-
Why Johnson won't just pass Ukraine aid
Speed Read The House Speaker could have sent $60 billion in military aid to Ukraine — but it would have split his caucus
By Peter Weber, The Week US Published
-
'Good riddance to the televised presidential debate'
Instant Opinion Opinion, comment and editorials of the day
By Harold Maass, The Week US Published