America can avoid financial default if every Republican stops questioning the Biden administration, the president said on Oct. 4.
Joe Biden ordered every Republican senator to let Democrats raise the national debt ceiling without opposition.
“They need to stop playing Russian roulette with the U.S. economy,” he said in a statement. “Republicans just have to let us do our job, just get out of the way. If you do not want to help save the country, get out of the way so you do not destroy it.”
After amassing public debt totaling $28.4 trillion, Congress faces an October 18 deadline to vote on whether to borrow more to keep the government running.
Senate Minority Leader Mitch McConnell (R) wants the Democrats to adopt a more pragmatic approach to fiscal responsibility. McConnell claims he gave plenty of notice several months earlier.
“I suggest that our Democratic colleagues get moving,” he said according to the Associated Press.
The vote also includes billions in taxes and economic programs that Biden claims will not incur additional debt. The Democrat plans pay for programs through raising taxes for corporations and the wealthy. He defines the wealthy as individuals earning more than $400,000 a year, or couples making more than $450,000 annually.
“We have no list of demands,” McConnell said in a letter to the president. “For 2.5 months we have simply warned that since your party wishes to govern alone–it must handle the debt limit alone as well.”
Government’s cash reserves will be exhausted on Oct. 18. This could trigger a financial crisis and economic slump, according to Treasury Secretary Janet Yellen (D).
Senate Majority Leader Chuck Schumer (D) similarly warns the economy could be jeopardized if the deadline is missed.
“The consequences of even approaching the X date could be disastrous for our economy and devastating to American families, raising the costs of borrowing for average Americans and hampering our economic recovery over the long-term,” he said according to the newswire agency.