The United States will default on its debt on July 31st of this year unless lawmakers in Washington agree to raise the country’s debt limit.
Earlier this year the country hit its debt limit, which means since Jan. 19 the U.S. has been unable to borrow any more money. Since then the U.S. Treasury Department has had to take what they call “extraordinary measures in order to keep paying the country’s bills.
“The president should come to the table and negotiate with us in terms of the overall debt ceiling increase,” said Indiana Congressman Rudy Yakym (R-IN-2nd).
President Biden has said in the last month that he will not negotiate with Republicans in Congress over raising the debt ceiling. The GOP says that in order to get them on board with raising the debt ceiling they want to see some “concessions” on spending from Democrats.
During his State of the Union, Biden jabbed Republicans who he said want to slash programs like Medicare and Social Security, which was met by a smattering of boos and jeers from Republican lawmakers. Yakym tells WISH-TV that there are no plans to cut either of those programs.
“We’re looking for some pretty simple things that ought to be able to help us close the gap on our overall budget deficit which we all know is unsustainable,” Yakym said.
For Yakym, that would not include specific cuts to any select few programs. Ideally, he would like to see federal spending return to what it was for the 2021-2022 fiscal year. He feels this will help correct an imbalance in federal spending that he says is leading to inflation.
“I’m hearing loud and clear from constituents up here in the second district about the issue of inflation,” Yakym said. “That affects everyone, from senior citizens, whose costs are going up faster than their incomes. It’s affecting small businesses and their ability to hire.”
Yakym also made it clear that the U.S. will not default on its debt.
4 comments
The last thing that President Biden should do is negotiate with terrorists and the GOP are terrorists holding the entire economy hostage because they childishly believe it will hurt President Biden and the Democrats, which couldn’t be further from the truth. The current GOP are a group of unserious online trolls who don’t do legislation, they do Alex Jones/Tucker Carlson shock-jock TV schtick. They would LOVE nothing more than to implode the US economy and bring the US to it’s knees (a desire they share with their beloved Vladimir Putin). It would instantly achieve their decades-long goal of ending Social Security and Medicare, but also immediately end all veterans benefits and cause many to die. THAT is what the GOP is all about in the 21st century.
Not that I dont exactly agree but this is the prevailing polarized mindset that congress is plagued with from the extreme facions on both sides. Better to lead by example than to lower ones self to that level.
Negotiation is the premise politics is based upon.
PS dont forget to add the attacks on Public Schools to Medicare and Social Security.
And Visa Versa
It’s really impressive when someone types an entire paragraph and gets everything in it wrong. I guess that’s what comes from believing the TV news and having zero grasp of basic economics.