Biden threatens to veto House GOP bill to raise debt ceiling, slash spending

On Tuesday, President Joe Biden threatened to veto a House GOP bill that would raise the debt ceiling and slash spending. The bill, which was introduced by House Minority Leader Kevin McCarthy, would increase the debt limit by $2.5 trillion and cut spending by $1.5 trillion over the next decade.

Biden’s veto threat comes as the U.S. faces a looming debt crisis. The country’s debt currently stands at over $28 trillion, and the Treasury Department has warned that the government will run out of money to pay its bills by mid-October if the debt ceiling is not raised.

The House GOP bill is seen as a political maneuver by Republicans, who are trying to force Democrats to take responsibility for raising the debt ceiling. Democrats, however, have argued that it is the responsibility of both parties to ensure that the government can pay its bills.

In a statement, the White House said that Biden “will not allow Republicans in Congress to use the debt limit as a political football to advance their own partisan agenda.” The statement also called on Congress to “act responsibly and raise the debt limit in a timely manner.”

The House GOP bill is unlikely to pass in the Democrat-controlled House of Representatives, but it could still cause political turmoil in Washington. If the debt ceiling is not raised, the U.S. could default on its debt, which would have catastrophic consequences for the economy.

The U.S. has only defaulted on its debt once before, in 1979, and the consequences were severe. Interest rates skyrocketed, the stock market crashed, and the country fell into a recession.

Biden has called on Congress to raise the debt ceiling without any conditions attached, arguing that it is necessary to ensure the country’s economic stability. He has also called on Republicans to stop playing politics with the debt ceiling and work with Democrats to find a solution.

The debate over the debt ceiling is likely to continue in the coming weeks, as Congress faces a deadline to raise the limit before the government runs out of money. The outcome of the debate could have far-reaching consequences for the U.S. economy and the political landscape in Washington.