![]() “Congressional Republicans must act immediately and without conditions to avoid default and ensure that the full faith and credit of the United States is not put at risk. That is their job,” White House press secretary Karine Jean-Pierre said. If the debt ceiling is breached, Treasury will need to make hard decisions about which bills whether Social Security or tax refunds to pay in the first week. Biden’s advisers see more risk in haggling over whether to pay the country’s bills than in pressuring the GOP not to use the threat of default as a bargaining chip. APīut the White House insists there’s no deal to be made other than a simple debt limit bill without policy strings attached. The United States may default on its bills for the first time in history later this month, unless Congress allows the federal government to take on more debt. If the US defaults and can no longer pay its obligations, billions of dollars in state aid and state-run but federal funded programs could be halted, the White House warned. Charles Schumer, and President Joe Biden. Morning Joe walks through the ways Americans could be impacted if the U.S. that would lift the debt limit so we wouldn’t have economic damage.” Rep. ![]() “We are the only party to take fiscal action. could default on its debt in about a month, according to three new analyses, but those projections don't seem to be motivating Republican holdouts to vote for the GOP's debt limit bill. “Now he should sit down and negotiate,” McCarthy, R-Calif., said Wednesday, putting the onus on Biden. But House Republicans will now be less inclined to grant a no-strings-attached debt limit hike after they secured the votes to make an opening bid that would cut spending and roll back key parts of Biden's agenda. President Joe Biden has threatened to veto it. US Treasury Secretary Janet Yellen says the failure to lift the federal debt limit by Congress would cause an 'economic catastrophe' that would raise the costs of borrowing 'into perpetuity.' She. The Democratic-controlled Senate has promised to throw McCarthy's bill in the trash, vowing not to negotiate over paying the country’s bills. CNN's Christine Romans explains the consequences that could ensue if the United States defaults on its debts.
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