negotiations on the national debt should not take place “with a gun to the temple” of US citizens
The Congress of the United States of America should not endanger the well-being of citizens in negotiations to raise the “ceiling” of the national debt with the presidential administration. This view is shared by US Treasury Secretary Janet Yellen.
US President Joe Biden on Tuesday, May 9, intends to discuss with the leaders of Congress the problem of the “ceiling” of the national debt. “As far as I know, he wants to start the process of discussing priorities and spending levels. However, these negotiations should not take place with a gun to the head of the Americans,” Yellen emphasized in an interview with ABC News. promulgated on Sunday, May 7th.
The head of the US Treasury also said that the increase in the “ceiling” of the national debt since 1960 was carried out with the support of both political parties – the Republican and the Democratic. “It is simply unacceptable for Congress to threaten economic disaster for American households,” Yellen said.
Speaker of the House of Representatives of the US Congress Kevin McCarthy earlier introduced a bill to raise the “ceiling” of the country’s public debt by $1.5 trillion. It provides for savings of more than $4.5 trillion. The document also spelled out the limitation of further growth of public spending at a rate not exceeding 1% annually.
Biden refused to negotiate with McCarthy on this issue. The American president insists on an automatic increase in the “ceiling” of the national debt. The Biden administration is pushing the US Congress to expand borrowing limits unconditionally.
US House of Representatives at the end of April passed the bill providing for an increase in the “ceiling” of the state debt with a simultaneous reduction in budget expenditures. 217 congressmen supported the adoption of the document, 215 members of the House of Representatives opposed it.