U.S. President Joe Biden accused Republicans on Monday of refusing to pass a debt ceiling increase unless he first agrees to “drastic” budget cuts. Biden said it was holding the U.S. economy “hostage.”
Agence France-Presse reported that Biden said that when he meets with congressional leaders on the 9th, he will tell them that they must “do what every other Congress has done, which is to pass the debt ceiling and avoid default.”
Republican lawmakers in the U.S. have insisted that Biden must accept deep budget cuts before they can vote to raise the debt ceiling, allowing the government to borrow more money.
The Biden administration pointed out that if the debt ceiling is not exceeded, the government’s operating funds will be exhausted as early as June 1, leading to a default on national debt.
“They’re holding the debt hostage to try to get us to cut some of the budget,” Biden said during a White House meeting on the economy.
“We can debate where cuts can be made, how much to spend \u2026 without the threat of (debt) default. That’s why we have a budget process that is open to debate,” he said.<\/p>\n\n\n\n