Will Joe Biden agree to spending cuts in order to increase the debt ceiling? Democratic Representative Pramila Jayapal is warning of potential “uprising” in the streets if he does. As the debate between Democrats and Republicans wages on, lawmakers in Washington face mounting pressure to make a decision. But what will be the consequences? Could the disagreement between the two sides lead to public outrage and unrest? As tensions continue to rise, both parties must come to an agreement before it’s too late.
The debt ceiling crisis is reaching a fever pitch as Republicans and Democrats lock horns over spending cuts. Democratic Representative Pramila Jayapal’s warning that there will be “backlash in the streets” if President Joe Biden agrees to the Republican demand has raised alarm bells on Capitol Hill. Jayapal, who co-chairs the Congressional Progressive Caucus, is among several lawmakers calling for a “clean” debt ceiling increase, while Republicans are insisting on spending cuts to accompany any increase in the limit to the national debt, which currently stands at $31.4 trillion.
“We believe the debt ceiling needs to be raised, but it should only be raised with the same level of discipline and reform that we saw in 2011,” Speaker of the House Kevin McCarthy said Tuesday.
This is not the first time Democrats and Republicans have butted heads over the debt ceiling. In 2011, a similar showdown led to a downgrade of the nation’s credit rating and caused significant turmoil in the economy.
The battle over the debt ceiling has also led some lawmakers to call for the use of the 14th Amendment – which states that the validity of the public debt of the United States, authorized by law, shall not be questioned – to unilaterally raise the debt ceiling. However, President Biden has said he does not believe that option is viable.
Meanwhile, the House of Representatives passed the Limit, Save, Grow Act on April 26, which increases the debt ceiling by $1.5 trillion, repeals portions of the Inflation Reduction Act, requires Congress to approve regulations that have an economic effect of $100 million or more, and establishes new work requirements for some beneficiaries of welfare programs.
Lawmakers on both sides of the aisle are looking to push their agenda as negotiations continue. “We don’t want to be using the debt ceiling as a political weapon,” stated Representative Ocasio-Cortez. “We don’t want to be playing games with this, because the threat of real economic damage is too high.” Others argue that the nation’s debt is out of control and needs to be reined in before it’s too late.
Economists warn that the consequences of another debt ceiling crisis could be severe. Failure to raise the limit could result in the US defaulting on its debt, which would have dire consequences for the global economy.
The debate over the debt ceiling continues as lawmakers in Washington face mounting pressure to come to a decision. While both sides are looking to push their agenda, the consequences of inaction are too great to ignore. Failure to reach an agreement could result in dire economic consequences for the nation and the world. As we inch ever closer to the deadline, the stakes continue to rise. Now more than ever, it is crucial that lawmakers act quickly and decisively to prevent further turmoil.
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