The Biden administration raised its debt ceiling to parliament on Wednesday as the Pentagon warned that defaults could create a national security crisis, saying the president was at risk of calming the market and unwinding pensions. Reinforce the driving force to make it happen.
“It’s about paying for our debts and preventing catastrophic events,” President Joe Biden told some of the country’s chief executives.
He spoke shortly after Secretary of Defense Lloyd Austin issued his own warning.
“If the United States defaults, it will undermine the economic power that supports our national security,” he said.
“It will also do serious harm to our military personnel and their families because, as the secretary, we guarantee that our military personnel, civilians or contractors will be paid in full or on time. Because you have neither the authority nor the ability to do so.
That move comes when White tries to put pressure on Senate minority leader Mitch McConnell to fall into the current debt ceiling stalemate.
Treasury Secretary Janet Yellen has repeatedly warned that the United States is facing a recession if it fails to resolve it by October 18.
But Republicans say if they want to raise the $ 28.4 trillion ceiling and fund Biden’s huge spending plan, Democrats must do it alone.
It put Biden to blame that his opponent was playing Russian roulette in the economy when he tried to explain the real impact of the default.
A default that Yellen said could occur any day after October 18 means social security benefits will be suspended, ”he said.
“The salaries for service members are being discontinued. Veterans stop benefits and more.
“Failure to raise debt limits will jeopardize the security of US Treasuries, jeopardize the status of the dollar reserve as the world’s dependent currency, downgrade US credit status and raise interest rates for families. Let’s talk about mortgages, car loans, and credit cards.
President Joe Biden will meet with bank executives on Wednesday to pressure Senate minority leader Mitch McConnell to engage in the current debt ceiling stalemate. On Tuesday evening, he said there was a “real option” for Democrats to abandon the filibuster in their debt ceiling law.
• Citi, CEO, Jane Fraser
• Raytheon, CEO, Gregory Hayes
• Charlie Opler, President of the American Real Estate Agents Association
• AARP, CEO, Jo Ann Jenkins
• Adena Friedman, President and CEO of Nasdaq
• Deloitte LLP, Global CEO, Punit Renjen
• JP Morgan Chase, CEO, Jamie Dimon
• Intel, CEO, Pat Gelsinger
• Bank of America, CEO Brian Moynihan
Biden meets with bank executives including JPMorgan Chase’s Jamie Dimon, City’s Jane Fraser, Bank of America’s Brian Moynihan, Jellen, advisor Cedric Richmond, and Secretary of Commerce Gina Raimondo. Bottom.
Biden and the Senate Democrats are trying to avoid the threat of a Republican filibuster and pass the same bill that the House of Representatives passed last week.
You have until October 18 to go through something before the United States falls off the fiscal cliff.
The White House warned ahead of the meeting that failure to raise the ceiling could lead to an international financial crisis.
“Failures are likely to rock global financial markets, freeze global credit markets and crash stock markets,” the Whitehouse Economic Advisory Board said in a new report.
“Employers around the world will likely have to start laying off workers.”
The President is also CEO of Lateon, Greg Hayes, Chairman of the American REALTORS Association, Charlie Opler, CEO of AARP, Jo Ann Jenkins, President and CEO of Adena Friedman of NASDAQ and Global CEO of Deloitte. We welcome Punit Renjen, Intel CEO Pat Gelsinger and the White House. I told DailyMail.com.
If Americans start missing out on benefits, Jenkins will likely warn about the cost to the elderly.
According to the White House, the conference will be held face-to-face or virtually.
“These executives represent some of America’s best-known companies and industries and understand directly that defaults can be economically devastating. Endangering millions of jobs. It puts our country in recession and threatens the status of the dollar, which is permanently damaging America’s economic power. It downgrades the creditworthiness of the United States as the currency the world depends on. “House officials previewed the meeting and said.
So far, Biden has not tried to use large corporations to compete with the Republicans.
McConnell continues to oppose all week that the Democrats must use a more complex reconciliation process to pass debt laws with only Democratic votes.
Biden and the Democrats argued that the settlement process was too time-consuming and too risky.
Instead of going that route, Senate Democrats are now considering passing a debt ceiling bill.
“Oh, I think that’s a real possibility,” Biden told reporters of his plans when he returned from his trip to Michigan on Tuesday night.
Biden said he would speak to McConnell early Tuesday when he was leaving Lansing, Michigan, but he didn’t say so one day.
Jamie Dimon, CEO of JPMorgan Chase (left) and Brian Moynihan, CEO of Bank of America (right) are among the business leaders meeting Biden on Wednesday.
Republican Swing Votes Senators Mitt Romney and Susan Collins have already stated that they will not cross the aisle to support the Democratic Party.
Deputy spokeswoman Karine Jean-Pierre said Tuesday on Air Force One that the White House will have specific dates and deadlines asking Democrats to change gears and pursue reconciliation laws to avoid economic disaster. He said it wasn’t decided yet.
“We don’t have your date at this point,” she told DailyMail.com.
“We’ll continue to be very, very clear,” she said. “As the president said yesterday, as you know, we have to take a step back and see this been done 80 times, it was bipartisan fashion … the Trump administration. 3 times in between. ”
“And we can’t play political football at the moment. We can’t do politics. We have to do this for the Americans, and that is the most important thing. That’s it, ”added Jean-Pierre.
McConnell and the Republicans are unlikely to convince the CEO as there is still a rift between the party and some companies.
Intel was one of the companies that said it would not give money to Republicans who voted against the 2020 election.
The Nasdaq PAC has suspended donations to the Republican Party for several months.
And Citi and JPMorgan Chase suspended all political donations after the January 6th attack on the Capitol.
Biden says the market is stagnating and the Pentagon is warning of a national security crisis if debt limits are not raised
Source link Biden says the market will stagnate and the Pentagon is warning of a national security crisis if debt ceilings are not raised