Biden signs debt ceiling bill that pulls US back from brink of unprecedented default
Source: AP
By CHRIS MEGERIAN an hour ago
WASHINGTON (AP) With just two days to spare, President Joe Biden signed legislation on Saturday that lifts the nations debt ceiling, averting an unprecedented default on the federal governments debt.
The White House announced the signing, done in private at the White House, in an emailed statement in which Biden thanked congressional leaders for their partnership.
The Treasury Department had warned that the country would start running short of cash to pay all of its bills on Monday, which would have sent shockwaves through the U.S. and global economies.
Republicans refused to raise the countrys borrowing limit unless Democrats agreed to cut spending, leading to a standoff that was not resolved until weeks of intense negotiations between the White House and House Speaker Kevin McCarthy, R-Calif.
Read more: https://apnews.com/article/joe-biden-debt-ceiling-budget-signing-f78a000d83cf85ffbaa2d08637844053
SouthernDem4ever
(6,470 posts)Repugs would have invoked the 14th amendment if they were in the White House.
peppertree
(21,529 posts)Both Dubya and Cheeto openly mused with the idea - but were thwarted by the Pentagon in both cases.
Cheeto, especially - and unlike Dubya, he still obsesses over "missing that chance when I had it."
SouthernDem4ever
(6,470 posts)peppertree
(21,529 posts)The way despotic presidents see things, being able to resort to one gives them the tacit permission to pull the other one.
They don't see 14th Amendment emergencies as an emergency or a last resort (as Biden would) - they see it as the door being opened for more. Much more.
Luckily, it's not all up to them. The Pentagon and intelligence community have a lot to do with whether they can impose such things or not.
BumRushDaShow
(127,312 posts)Link to tweet
@POTUS
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I just signed into law a bipartisan budget agreement that prevents a first-ever default while reducing the deficit, safeguarding Social Security, Medicare, and Medicaid, and fulfilling our scared obligation to our veterans.
Now, we continue the work of building the strongest Show more
2:19 PM · Jun 3, 2023
housecat
(3,121 posts)Novara
(5,754 posts)Remember, a new Congress does not get sworn in until January 3, 2025. That means the same arsonists will be demanding MORE concessions by January 1, 2025 and some of them will be lame ducks, with nothing to lose.
If Biden wins in 2024, he will start his second term with either a default or a Constitutional crisis if he invokes the 14th amendment. You can be sure the arsonists will be demanding steep cuts to social security and medicare, especially those with nothing to lose. They're going to go for broke.
If Biden doesn't win, he faces dealing with the terrorists and the choice of leaving a default for the next R president (who may then declare a national emergency and fuck knows what else), or he leaves office with more of the social safety net demolished.
THIS IS WHY YOU DON'T NEGOTIATE WITH TERRORISTS.
He should have invoked the 14th and fought it out in court.
housecat
(3,121 posts)lose again, because they just aren't very smart.
Novara
(5,754 posts)McCarthy has already said to anyone who will listen that he will keep going after Medicare and Social Security.
Losing would be if they got nothing.
housecat
(3,121 posts)LetMyPeopleVote
(143,999 posts)housecat
(3,121 posts)Warpy
(110,910 posts)the fourteenth amendment and making the debt limit scam obsolete and irrelevant, as it should be.
BOSSHOG
(36,854 posts)Get rid of it along with
The electoral college scam and
The separation of church and state scam
Republicans need scams to govern because they know stupid people cant figure them out and republicans dont know how to govern in the land of the free without them. (Scams and stupid people.)
Warpy
(110,910 posts)The separation clause is no scam. The founders knew what religious charlatans were like and they wanted them nowhere near civil government.
BOSSHOG
(36,854 posts)And Im guilty of counterintuitive thought. But Republicans are allowing that power right now to a lesser degree but currently unchecked. Public money to schools and state funded anti abortion operations. Catholics spent over 4 mil of tax exempt bucks in Kansas trying to codify their religious belief relative to abortion. (Wasted money, they got their butts kicked) Book bans, anti gay nonsense from coast to coast. The Bishops will forge ahead. If the separation were gone, the assessors would be turned loose. Zealots will pay to play or we will find out what they really value. Long, long shot but it would be a useful conversation to put in the public arena. Food for thought. They have the Supreme Court for now but we almost lost the war of 1812 as well. So, onward. If Bishops dont respect the separation, why should we? They got the best of both sides with the status quo.
DemocraticPatriot
(4,170 posts)That's probably the biggest reason the "Fascist Caucus" is screaming about it--
they wanted to hold us hostage again next year...
Music Man
(1,181 posts)"I sit here all day trying to persuade people to do the things they ought to have the sense to do without my persuading them. Thats all the powers of the President amount to.
Farmer-Rick
(10,072 posts)The filthy rich own the debt and our government.