(DailyVantage.com) – President Joe Biden stated that he would be “blameless” if Congress failed to come to an agreement on the national debt crisis and the United States defaulted on its debts. Instead, he said the blame would lie on House Republican leadership, One America News Network reported.
On May 23, House Speaker Kevin McCarthy told the House Republicans that he was “nowhere near” reaching a deal agreement with President Biden, CNN reported. The deal that McCarthy and Biden had yet to negotiate at the time of this report will endeavor the first-ever default on the national debt in United States history. The burden of the debt ceiling risk loomed on May 23 as Treasury Secretary Janet Yellen confirmed to McCarthy, in a letter distributed on Monday, May 22, that it was “highly likely” the United States would default on its loans by June 1, CNN reported.
Congressmembers to return to and work their districts if a deal was not reached by Memorial Day weekend, CNN Reported. While the Congress could call back its members, the deal, McCarthy reportedly stated, would need to be reached by a “few key people” and, therefore, the presence of the full group of Representatives would not be required for the long term.
Despite the fact that no agreement has been reached, both the House Speaker and the President have stated that the debt ceiling talks have been “productive,” the Associated Press reported on May 23.
McCarthy maintained confidence that the House and the President “can come to an agreement.” Both sides are pleased with the “seriousness” of the counterpart side, however, there are some basic differences that remained, the Associated Press reported. McCarthy, however, believed that the talks had been more productive than previous discussions.
As talks continued, the President faced political criticism. Analysts view Biden’s political options from the debt ceiling fight, and believe that he will face backlash regardless of whether he can reach a deal with Republicans or not, The Wall Street Journal reported. Treasury Secretary Yellen explained in a public statement that, if Congress does not reach an agreement, there are “no good options” for the United States that the Treasury or the federal government could use to prevent default.
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