President Joe Biden is refusing to negotiate over the federal government's obligation to pay its debts, while Democratic Rep. Abigail Spanberger of Virginia is calling for the House's chief administrative officer to withhold pay for members of Congress until the looming crisis over the debt ceiling is resolved. House GOP leaders are pushing a plan to raise the debt limit through March 2024, but the plan is dead on arrival in the Democratic-led Senate. Speculation is growing that a potential deal could be reached, but President Biden is adamant that he will not negotiate over the federal budget.
Posts tagged as “Biden White House”
President Joe Biden and the top four congressional leaders have postponed their meeting to discuss the rapidly approaching debt ceiling deadline until next week. Staff-level meetings are going well, and the postponement is seen as a positive development. The outcome of the meeting could have serious economic implications, and the White House and Congress must come to an agreement soon in order to avoid any potential economic consequences.
Rep. George Santos (R-N.Y.) was indicted Wednesday on 13 federal charges, including wire fraud, money laundering, theft of public funds and making false statements to the House of Representatives. He pleaded not guilty at a Long Island courthouse and was released on $500,000 bond. House Speaker Kevin McCarthy (R-Calif.) commented on the news, noting that Santos is innocent until proven guilty. The Justice Department is continuing to investigate the case and no further information has been released.
U.S. Rep. George Santos, a New York Republican, has been indicted on 13 counts of fraud, money laundering, theft of public funds, and making false statements to the House. He is accused of inducing supporters to donate to a company under false pretenses, lying on congressional disclosure forms, and applying for and receiving unemployment benefits while employed and running for Congress. If convicted, he could face up to 20 years in prison for each count of wire fraud and money laundering, and up to 10 years for the theft of public funds.
President Joe Biden met with House Speaker Kevin McCarthy, Senate Majority Leader Chuck Schumer, and Senate Minority Leader Mitch McConnell to discuss the looming deadline to increase the nation's borrowing authority to avoid defaulting on the national debt. Biden warned Republicans not to hold the economy hostage to their budget-cutting demands, while McCarthy insisted that a debt ceiling hike must be tied to budget cuts. The parties are still in discussions to reach an agreement before the deadline, or else the U.S. could default on its debt with serious economic consequences.
President Joe Biden is meeting with the top four members of Congress to negotiate a resolution to the looming debt ceiling crisis. Republicans want spending cuts in exchange for raising the borrowing limit, while Democrats, including Mr. Biden, want to increase the debt limit without conditions. The White House has refused to negotiate over the debt ceiling itself, but both sides agree a resolution is essential to avoid the economic calamity of a default.
Treasury Secretary Janet Yellen warned that if the White House is forced to cite the 14th Amendment to raise the debt ceiling, it could lead to a "constitutional crisis". This week marks a defining challenge for House Speaker Kevin McCarthy as he attempts to strike a deal with President Biden to avert an unprecedented debt default. Yellen urged Congress to act quickly and responsibly to raise the debt ceiling and avoid a potential global economic crisis.
The White House has issued a veto threat against the Secure the Border Act of 2023, a bill proposed by House Republicans to address immigration at the U.S.-Mexico border. The Office of Management and Budget said the bill would make elements of the immigration system worse, not better, and does very little to increase border security. The White House has urged Congress to reject the bill and instead focus on finding solutions that will actually increase border security and uphold the nation’s core values and international obligations.