Biden declares himself 'blameless' if US defaults on debt: 'I've done my part'
Biden blamed 'MAGA Republicans' in Congress for derailing debt talks
By Anders Hagstrom | Fox News
https://www.foxnews.com/politics/biden-d...t?intcmp=tw_fnc


Biden claims he is 'blameless' in US debt talks'

President Biden blamed "MAGA Republicans" for failures in debt ceiling negotiations.

President Biden would be blameless in the event that the U.S. defaults on its debt in the coming days, the president declared Sunday.

Biden made the claim during a news conference in Hiroshima, Japan, where he had traveled for meetings with G-7 nations. Republicans in Congress forced Biden to the negotiating table after months of the White House insisting there would be no debate over the issue. Biden now argues that certain "MAGA Republicans" are seeking to cause a default in an effort to crash the economy ahead of Biden's re-election effort.

"I've done my part," Biden said regarding negotiations, adding that "it's time for the other side to move their team positions because much of what they were proposed is simply quite frankly, unacceptable." This prompted a follow-up at the end of the news conference from Fox News' Peter Doocy.

"Mr. President, on the debt limit, you said already, 'I've done my part.' Do you think if there's a breach, nobody can blame you?" Doocy asked.

210 DEMOCRATS ENDORSE PLAN TO SIDESTEP HOUSE GOP IN DEBT LIMIT FIGHT

President Joe Biden gestures during a news conference in Hiroshima, Japan, Sunday, May 21, 2023, following the G-7 Summit. (AP Photo/Susan Walsh)

"Of course no one will blame me, I know you won't, you'll be saying Biden did a wonderful job," Biden joked.

"Would you be blameless in a default situation?" Doocy pressed.

"On the merits, based on what I've offered, I would be blameless," Biden responded. "On the politics of it, no one would be blameless. And by the way, that's one of the, one of the things some [people] are contemplating. Well, I gotta be careful here. I think there are some MAGA Republicans in the House who know the damage that it would do to the economy and because I am president, and presidents are responsible for everything, Biden would take the blame. And that's the one way to make sure Biden's not re-elected."-- excerpt, rest at link above --

it has always been clear that "default" has always been a scare mongering technique to get the debt 'ceiling' raised.... in that receipts have always been higher than debt payments (and still are)... but with these monsters in charge, I wouldn't be surprised if they deliberately start to default on some payments....

Quote: EdJames wrote in post #2

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it has always been clear that "default" has always been a scare mongering technique to get the debt 'ceiling' raised.... in that receipts have always been higher than debt payments (and still are)... but with these monsters in charge, I wouldn't be surprised if they deliberately start to default on some payments....

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This is how the complicit, traitorous left is framing this event:

US economy on the brink as time runs low to avert debt default
Stephen Collinson
https://www.cnn.com/2023/05/22/politics/...m_medium=social


America is heading close to the brink of a self-imposed economic disaster with the Republican-led House refusing to pay the country’s debts unless President Joe Biden agrees on cuts to current and future spending and new curbs on social programs.

Unless a compromise to raise the government’s borrowing authority is reached within days, the US could lose its reputation as the stable anchor of the global economy. Millions of people could see retirement and veterans benefits put on hold once the government exhausted its ability to pay its debts due to the borrowing cap set by congress.

A US default would reverberate through the financial market, likely triggering a recession that would cause serious job losses and shatter an already fragile sense of economic security for many families.

After a weekend of acrimony between negotiators for House Republicans and the White House, Biden will meet House Speaker Kevin McCarthy Monday for critical talks on pulling the economy back from the precipice. The president just returned to the US from Japan, where he was put in the stunning position of being unable to reassure fellow world leaders that Washington will not tip the global economy into chaos.

Pressure on the meeting is immense, since Treasury Secretary Janet Yellen has warned that the government will be unable to meet its obligations unless Congress raises the debt ceiling by June 1. But serious damage could occur before then because the mere suggestion that the crisis cannot be solved could send panic through financial markets and damage confidence in US creditworthiness.

Biden has already backed down from his position that he will not negotiate over the debt limit — which needs to be raised to pay for spending already authorized by Congress and authored by him and previous presidents. His officials says it’s irresponsible for the GOP to hold the country “hostage” on such a critical issue. Republicans, however, say that the government is spending too much money and see the threat of financial calamity as their premier leverage against Biden.

While Biden was in Japan, the only stop of a longer trip he was forced to cut short, negotiators from both sides appeared to make progress before talks stalled, with each side blaming the other. The president suggested that the pro-Donald Trump extremists in the House were ready to sabotage the economy in a bid to doom his reelection campaign.

“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,” he said in Japan.

McCarthy said Sunday morning that Biden was shifting positions because of pressure within his own party. “So I think he’s got to get away from the socialist wing of the Democratic Party and represent America,” the speaker told reporters. -- excerpt, rest at link above --

Weekend Read: Everything You’ve Heard About the Debt Limit is Wrong
May 20, 2023/by James D. Agresti
https://thepricklypear.org/weekend-read-...limit-is-wrong/

Overview

Contrary to widespread claims that the U.S. government will default on its debt if Congress doesn’t raise the debt limit, federal law and the Constitution require the Treasury to pay the debt, and it has ample tax revenues to do this.

Nor would Social Security benefits be affected by a debt limit stalemate unless President Biden illegally diverts Social Security revenues to other programs.

The debt limit is a valuable tool for transparency, accountability, and giving voters an ongoing say in how their money is spent.

The Debt Situation

The U.S. national debt has grown by $8.2 trillion since 2020 and is now $31.5 trillion. This is an average debt of $239,763 for every home in the nation.

Those figures don’t account for the government’s fiscal liabilities and unfunded obligations. When these are included—as government requires in the financial statements of publicly traded corporations—the total federal shortfall is $135 trillion. This is an average burden of more than $1 million per household.

In addition, Biden has proposed a budget framework that will allow the national debt to grow over the next decade by $19.8 trillion, according to his own administration’s projections.

Such levels of red ink have perilous consequences for nearly everyone, like higher inflation, wage stagnation, investment losses, and lower standards of living.

To limit the damage from excessive government debt, House Republicans have passed a bill that would reduce budget deficits by about $4.8 trillion over the next 10 years. This isn’t enough savings to actually pay down the debt but would restrain its growth by about 25% relative to Biden’s agenda. The bill accomplishes this mainly by reducing spending on social programs and “green” energy subsidies.

Biden and the Senate Democrats have said they won’t approve the bill or anything like it. However, they are under pressure to negotiate because the federal government is spending about 22% more than its revenues and has reached the legal limit of its ability to borrow more money. This is called the “debt ceiling” or “debt limit,” a provision of federal law by which Congress exercises its constitutional power to “borrow money on the credit of the United States.”

Biden and the Democrats raised the debt limit by $2.5 trillion in December 2021 when they controlled both the House and the Senate. The Republican bill increases the debt limit by another $1.5 trillion, but in opposition to the Democrats’ stance, Republicans have said they won’t raise the debt limit without including deficit-reducing provisions in the same bill.

The Biden administration has some ability to skirt the debt limit by using “extraordinary measures,” which basically involve shuffling money around. However, these measures are nearly exhausted.-- excerpt, rest at link above --