Biden to speak Monday on need to raise debt ceiling

WASHINGTON, D.C. — President Joe Biden is acceptable to present remarks Monday greeting connected the request for Congress to rise the nation’s indebtedness ceiling.

The White House says Biden volition statesman speaking astatine astir 11:15 a.m. ET.

“The president volition present remarks connected the request for Congress to fulfill its shared work and code the indebtedness ceiling, aft Senate Republicans voted doubly past week to default and proceed to artifact Democratic efforts to debar default,” said the Biden administration.

Treasury Secretary Janet Yellen has warned that if Congress doesn't rise the indebtedness ceiling by Oct. 18, the U.S. could default connected its fiscal obligations for the archetypal clip successful history.

“At that point, we expect Treasury would beryllium near with precise constricted resources that would beryllium depleted quickly. It is uncertain whether we could proceed to conscionable each the nation’s commitments aft that date,” wrote Yellen successful a missive to House Speaker Nancy Pelosi past week.

The caput added that the Oct. 18 deadline is the department’s champion estimation and the national government’s currency flows are taxable to variability, meaning the wealth could past longer oregon shorter.

Yellen warned that waiting until the past infinitesimal to code the indebtedness ceiling tin origin harm to concern and user confidence, rise borrowing costs for taxpayers, and negatively interaction the recognition standing of the U.S. for years to come.

Democrats had primitively wanted to rise the indebtedness ceiling successful the aforesaid measure that extended authorities funding, but that determination was blocked by Senate Republicans. Instead, a standalone authorities backing measure was passed and signed into instrumentality past week.

Both parties person voted to rise the indebtedness bounds successful the past, with Democrats joining the Republican Senate bulk successful doing truthful 3 times during Donald Trump’s presidency, The Associated Press reports.

Now, however, the GOP has argued that Democrats person chosen to propulsion done their governmental priorities connected their ain and frankincense are liable for raising the indebtedness bounds connected their own, reports the AP.