WASHINGTON - US President Joe Biden on Monday urged House of Representatives Speaker Kevin McCarthy to take the potential for an unprecedented US debt default off the table, warning that it would result in skyrocketing credit card and mortgage rates.
He said the threat of default by some Republicans in Congress was “totally irresponsible” and that it was essential to take that threat “off the table.” “The most immediate thing we can do is ensure continued reliance of our economy and the financial system. The most important thing we have to do in that regard is to make sure the threat by the speaker of the House to default on the national debt is off the table,” he added.
While the Bill is not expected to win Senate approval, Mr McCarthy hopes to lure Mr Biden into negotiations on cutting spending, even as the White House and congressional Democrats insist on a debt limit increase with no strings attached.