US President Joe Biden has said Republicans are fabricating a crisis around the debt limit. He lambasted so-called MAGA Republicans for refusing to vote for a higher federal debt ceiling.
According to Biden, the stern attitude of the Republicans will make it difficult for the White House to reach a compromise during an important meeting with congressional leaders on May 9. If Democrats and Republicans can’t agree on raising the debt ceiling, the US government risks being locked down.
Draconian cuts
Biden said Republicans are divided on the debt limit and that MAGA (Make America Great Again) Republicans want to make draconian budget cuts. The last thing this country needs is a manufactured crisis. According to US Treasury Secretary Janet Yellen, the money will run out on June 1 if nothing changes.
Source: BNR
Andrew Dwight is an author and economy journalist who writes for 24 News Globe. He has a deep understanding of financial markets and a passion for analyzing economic trends and news. With a talent for breaking down complex economic concepts into easily understandable terms, Andrew has become a respected voice in the field of economics journalism.
