News Today May 22, 2023 Debt, Biden, United States

Brooklyn Muse
Debt, Destruction Looms...Photo byBrooklyn Muse

On Sunday, May 21. 2023 President Joe Biden spoke at the G7 Summit held in Hiroshima Japan. The United States is on the cusp of a new era. As the default of the nation’s debt looms, the global platform watches the interactions of the GOP House of Representatives negotiators and our President.

The President stated, “I can’t guarantee that they wouldn’t force a default by doing something outrageous.” He emphasized his stance by stating “I think there are some MAGA Republicans in the House who know the damage it would do to the economy, and because I am president, and a president is responsible for everything, Biden would take the blame and that’s the one way to make sure Biden’s not reelected.”

To clarify, Former President Trump responded to questions at a CNN town hall referring to the debt default by encouraging Republicans to refuse to raise the limit unless the White House agrees to “massive” spending cuts.“If they don’t give you massive cuts, you’re going to have to do a default, and I don’t believe they’re going to do a default because I think the Democrats will absolutely cave,” he stated. An overwhelming number of Americans disagree with the fact that Former President Trump wants Republicans not to “give in” unless Democrats accept their demands.

CBS held a nationwide poll in April that found about 70 percent of Americans would like the debt ceiling raised to avoid a default. President Biden could invoke Section 4 of the 14th Amendment to allow the Treasury Department to pay the nation’s outstanding debts. This could happen immediately while talks continue with GOP leaders. After the Civil War, this provision to the Constitution of the United States was enacted. Its purpose was to ensure the Confederate States that were rejoining the United States could not block payment of the war debt. These debts were increased by the Union and stated, “The validity of the public debt of the United States, authorized by law…shall not be questioned.” Remarks were made by President Joe Biden on Sunday, May 21, 2023, “I think we have the authority” to utilize the 14th Amendment. This action may face many legal challenges. “The question is, could it be done and invoked in time that it could not – would not be appealed?” he said. The negotiations of the United States debt ceiling are at the forefront of American politics today.

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