(DailyVantage.com) – President Joe Biden reportedly signed a bill that would prevent the United States from defaulting on the national debt “in the nick of time.” Biden’s signature came on the thin line of the deadline, which the U.S. Treasury Secretary Janet Yellen had warned there would be a hard stop on June 5. Biden had signed the debt bill on June 3, with just two days to spare before the forecast default.
The debt bill signing was seen as a “big win” for Biden and has been used by his reelection campaign to show that Biden worked “across the aisle” to negotiate the outcome. However, critics among Democratic cohorts were not convinced the deal was productive legislation.
David Sirota, a political commentator with Democracy Now!, explained that, in his view, Biden’s motion to sign the debt bill will deal a “blow” to working-class Americans. Sirota also criticized House Democrats for failing to raise the debt ceiling after the midterm elections. Then, Sirota additionally criticized how the bill rolls back regulations on environmental policy, a fact that will allow Senator Joe Manchin (D. Wv) to push forward with his oil project, a project called the Mountain Valley Pipeline of West Virginia.
The political debate boiled as the debt ceiling crisis was averted. Republicans and Democrats have fundamental disagreements about the way the national debt and spending should be resolved. Debates of the current debt ceiling bill cast light on debates of how the debt ceiling was nearly breached in the first place.
Media reports had previously attributed the massive rise in the national debt to the Trump administration, commenting on how the debt raised $7.8 trillion during the Trump administration, which, relative to the economy, was “approaching” the debt levels of World War 2.
The House Budget Committee called out President Biden for his spending habits saying that the “past” is “prologue” when tracking the spending habits of the incumbent president. Reportedly, the House stated that, when asked, the president explained he would do “nothing” differently in the future to curb national spending. Biden had proposed a spending budget that, over ten years, would amount to $73 trillion, which the Budget Committee stated would be the highest level sustained in American history.
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