(RepublicanInformer.com)- President Joe Biden confirmed on Monday that he could not guarantee that the United States would reach the debt ceiling. He told reporters that he “can’t believe” that the end result could be the United States being unable to pay its debts if the Senate can’t agree to raise the debt ceiling, but that he couldn’t guarantee that it won’t happen.
It comes as Senate Republicans hold back on agreeing to raise the debt ceiling, knowing full well that the Democrats would extend it through to next year and attempt to borrow more money to pay for their massive multi-trillion-dollar far-left spending projects.
Controversial Treasury Secretary Janet Yellen warned legislators last week that if they don’t increase or suspend the debt ceiling before October 18, then the likelihood is that the United States will default on its debt for the first time ever.
The prospect is worrying for the Biden administration, and probably not because of the impact it would have on the economy. Just imagine how bad it would be for his already plummeting approval ratings.
Republican Senate Minority Leader Mitch McConnell insisted that Republicans won’t vote to increase the debt ceiling, insisting that suspending the ceiling – which is far-left House Speaker Nancy Pelosi’s goal – would just promote more government spending.
It has prompted talks of minting a new $1 trillion coin – effectively quantitative easing – to pay for debts if the debt ceiling isn’t raised.
The effect of printing more money will be extremely damaging. With the national economy already struggling and inflation putting pressure on families, Biden’s backup plan of printing more could throw the economy into chaos and make every penny in your bank account worth less.
Republican leader McConnell urged the president in a letter that he should work to unite his party behind the idea of raising the debt ceiling and passing the motion through the budget reconciliation process, which requires only a simple majority vote.
Such a process would be entirely normal and doable for most presidents, but given Joe Biden can’t rally his party around anything, it poses a real challenge.
Now President Biden will be forced to unite his party, or ruin the country. Though, they are probably one and the same at this point…