This week, President Biden criticized Republican demands as “unacceptable” in talks to end the US debt limit standoff but said that a resolution could still be reached before a catastrophic default.
Before departing for Washington from the G7 meeting in Hiroshima, Japan, President Biden said that the most recent Republican demands for expenditure cutbacks as a prerequisite for increasing the US government’s borrowing ability were “frankly unacceptable.”
The other side has to retreat from their extreme stances, he remarked.
As he returned to Washington this week by way of Air Force One, Biden said that he will speak with Republican House Speaker Kevin McCarthy personally and that “we shall come to an agreement.”
He did, though, issue a warning, saying he wouldn’t be able to “guarantee that they would not force a default by carrying out something outrageous.”
The legitimacy of public debt “shall not even be questioned,” according to the 14th Amendment, stated Biden. This obscure constitutional provision may allow the president to bypass Congress and increase the debt limit unilaterally.
“I believe we have the power. He noted the probability of legal challenges to this and the impending debt deadline. “The question is could it be accomplished and invoked in time,” he asked.
According to the Treasury Dept., if Congress doesn’t approve new borrowing, the government might run out of funds and default on its current $31 trillion debt as soon as June 1.
Due to the debt negotiations, Biden had to cut short his journey to Asia, which had been scheduled to take him from Japan through Papua New Guinea and Australia.