Biden Administration Urges Congress to Act Quickly on Debt Ceiling

The Biden administration is urging Congress to raise the debt ceiling before June. They are warning that failure to do so could have catastrophic consequences for the US economy… 

Biden Administration Urges Congress to Raise Debt Ceiling Before June

The current debt ceiling was set in 2019 and has been suspended since then, but it will expire on July 31st of this year. If the ceiling is not raised… the US government will be unable to borrow money to pay its bills, leading to a default on its debt.

The Treasury Department has been taking extraordinary measures to keep the government funded. Yet, these measures are expected to run out in June. The Biden administration is urging Congress to act quickly to: 

• Raise the debt ceiling to prevent a default
• Avoid a potentially catastrophic financial crisis

Some Republicans have opposed raising the debt ceiling. They are arguing that it would give the government a blank check to spend more money. 

However, the Biden administration has pointed out that the debt ceiling is not about authorizing new spending… but rather about paying for bills that have already been incurred. Failure to raise the debt ceiling would not reduce the amount of money the government owes. Instead, it would simply prevent the government from paying its bills.

In the past, raising the debt ceiling has been a routine matter… but in recent years it has become a highly politicized issue. The Biden administration is hoping that Congress will put aside partisan differences and act quickly to raise the debt ceiling before it’s too late…

GOP Lawmakers Call for Investigation, Biden’s VA Lies About Debt Limit Bill

A Republican lawmaker is calling for an investigation into the Biden administration’s handling of the debt ceiling… accusing them of “shamelessly lying” about the bill. 

Rep. Brian Mast (R-Fla.) has written a letter to the House Veterans Affairs Committee, asking them to investigate the Department of Veterans Affairs (VA) involvement in the debt ceiling debate…

Mast claims that the VA has misled veterans by suggesting that their benefits could be cut… if the debt ceiling is not raised. He argues that this is not true, as veterans’ benefits are classified… as mandatory spending and are not subject to the debt ceiling. Mast also accuses the Biden administration of using scare tactics to pressure Congress into raising the debt ceiling.

The debt ceiling has been a contentious issue in recent years… with both Democrats and Republicans using it as a political football. The current debt ceiling was set in 2019 and has been suspended since then, but it will expire on July 31st of this year. If the ceiling is not raised, the U.S. government will be unable to borrow money to pay its bills, leading to a default on its debt…

Mast’s call for an investigation comes as the Biden administration is urging Congress to raise the debt ceiling before June… warning that failure to do so could have catastrophic consequences for the US economy. The Treasury Department has been taking extraordinary measures to keep the government funded… but these measures are expected to run out in June. The Biden administration is urging Congress to act quickly to raise the debt ceiling to prevent a default and avoid a potentially catastrophic financial crisis…

It remains to be seen whether Mast’s call for an investigation will gain any traction in Congress. The debt ceiling debate is likely to continue to be a politically charged issue… with both Democrats and Republicans holding firm to their positions. 

The stakes are high, however, and failure to raise the debt ceiling could have dire consequences for the US economy and millions of Americans who rely on government programs and services…