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Member of the Council of Economic Advisers and Chief Economist to the Invest in America Cabinet Heather Boushey reportedly sounded urgency in dealing with the debt ceiling crisis, as a concrete outcome is yet to emerge and a two-week recess is set to commence Thursday.
What Happened: “Nothing could be more important than not adding to the challenges that this economy faces by playing with this debt ceiling,” she told Bloomberg TV.
Boushey added, “The speaker himself voted repeatedly to increase the debt ceiling in prior administrations. This is something that has been regularly done by Congress, it has not been taken to the brink. It is so imperative that they get this done.”
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Speaker’s Letter: Kevin McCarthy wrote in a letter on Tuesday he’s increasingly concerned about President Joe Biden’s unwillingness to negotiate on raising the debt limit.
“With each passing day, I am incredibly concerned that you are putting an already fragile economy in jeopardy by insisting upon your extreme position of refusing to negotiate any meaningful changes to out-of-control government spending alongside an increase of the debt limit,” he wrote.
“Mr. President, simply put: you are on the clock,” McCarthy asserted.
Biden’s Response: In response, Biden, on Tuesday, called on McCarthy to put forward their budget plan.
“My hope is that House Republicans can present the American public with your budget plan before the Congress leaves for the Easter recess so that we can have an in-depth conversation when you return. As I have repeatedly said, that conversation must be separate from prompt action on the Congress’ basic obligation to pay the Nation’s bills and avoid economic catastrophe,” Biden wrote in his letter.
Photo: Courtesy of Wikimedia Commons
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Image and article originally from www.benzinga.com. Read the original article here.