Name: Biden Administration and GOP Lawmakers Trade Jabs Over Impending Debt Ceiling Deadline
Uploaded: 2023-05-15T19:06:56.000Z
Description: As the United States hurtles yet again toward a deadline by which either its debt ceiling is raised or it defaults on its financial obligations, Biden administration officials and Congressional lawmakers took to the Sunday talk shows on May 14 to voice their positions and sway public opinion.

NTD Newsroom comprises teams of reporters, editors, and producers assigned to cover breaking news and other stories.


NTD Newsroom

NTD Plus

News

News you can trust from the U.S. and around the world. Critical information and insight. We cover the stories that others don’t. NTD News Today airs Monday–Friday at 11 a.m. ET.

NTD News Today

Pentagon Scraps Deployment of 4,000 Troops to Poland

9/11 Memorial and Museum Adds 7th Moment of Silence

AT&T, T-Mobile, Verizon Launch Joint Venture to Tackle Dead Zones

Stefania Cox is an NTD News anchor and national correspondent based at the network's global headquarters in New York City. Stefania anchors "NTD Newsroom," and co-anchors "NTD News Today" weekdays at 10:00 am ET.

Stefania Cox

Trump Committed to US Defense, Prosperity, Amid China Talks: Expert

Jerome Powell Ends Tenure as Fed Chair

US Government Sues Chick-fil-A Over Religious Rights

California Gubernatorial Candidates Make Closing Pitches to Voters 

House Passes 1st Fiscal Year 2027 Appropriations Bill

Jason Blair is a national correspondent for NTD News based in California. 

Jason Blair

Federal Judge Partly Blocks Texas Immigration Law

Trump Announces National Garden of American Heroes Plans

NTD News Today Full Broadcast (May 15)

Paul Greaney is an NTD news anchor and producer. Since joining the company in 2018, he has anchored the station’s flagship Evening News broadcast, launched the NTD Business show, and produced documentary reports on pointed issues. 

The highlight of Paul’s time in the field was his coverage of the Hong Kong pro-democracy protests in 2019.

Paul Greaney

NTD News Today Full Broadcast (May 14)

Kevin Hogan is an NTD News data reporter and national correspondent based at the network's global headquarters in New York City. Kevin covers breaking news, as well as U.S. and global current events. He conveys the news through data visualizations and investigates pressing issues.

Kevin Hogan

NTD News Today Full Broadcast (May 13)

NTD News Today Full Broadcast (May 12)

NTD News Today Full Broadcast (May 11)

NTD News Today Full Broadcast (May 8)

NTD News Today Full Broadcast (May 7)

NTD News Today Full Broadcast (May 6)

NTD News Today Full Broadcast (May 5)

NTD News Today Full Broadcast (May 4)

Fast, compelling, first-hand news from China. China in Focus airs Monday–Friday at 8 p.m. ET.

China in Focus

China Sends Warships to Pacific Drill as Tensions With Japan Rise

Reuters is a news agency owned by Thomson Reuters. It employs around 2,500 journalists and 600 photojournalists in about 200 locations worldwide writing in 16 languages.

Reuters

We present news that is truthful and based on facts, outside of the political fog. Instead of focusing on the negative things happening around us, our mission is to give our viewers a good morning with empathetic and uplifting stories. Our aim is to provide an antidote to negativity by shining a light on the best side of people. We speak to inspiring people who positively impact communities, pursue topics that represent our common human values, and will never miss an opportunity to bring you heartwarming stories.

NTD Good Morning

2 US Embassy Personnel Assigned to Cartel Case Killed in Car Accident

The Associated Press is an American not-for-profit news agency headquartered in New York City. 

The Associated Press

US News

Gunman Kills 8 Children, Including 7 of His Own, in Louisiana Mass Shooting

Flora Hua is a reporter based at NTD's global headquarters in New York City, where she covers China news, U.S.-China relations, and human rights issues. Flora primarily contributes to NTD's "China in Focus."  

Flora Hua

Trump: Seized Iranian Ship May Have ‘A Gift From China’

Joseph Lord is a congressional reporter for The Epoch Times.


Joseph Lord

Aldgra Fredly is a freelance writer covering U.S. and Asia Pacific news for The Epoch Times.

Aldgra Fredly

Former NYC Mayor Rudy Giuliani Hospitalized in Critical Condition: Spokesman

Wildfires Across Georgia and Florida Have Destroyed Nearly 50 Homes and Are Forcing Evacuations

US Warns of China Hacks via Routers, Smart Devices

Juliet Song is an international correspondent exclusively covering China news for NTD. She primarily contributes to NTD's "China in Focus," covering U.S.-China relations, the Chinese regime's human rights abuses, and domestic unrest inside China.

Juliet Song

2 Americans Among Suspected Communist Rebels Killed in Clashes With Troops, Philippine Officials Say

Ryan Morgan is a reporter for The Epoch Times focusing on military and foreign affairs. He was previously a news writer for NTD. 


Ryan Morgan

Mari Otsu is NTD's White House correspondent based in Washington. 

Mari Otsu

World News

Middle East

Iran

3 US Warships Fend Off Iranian Attacks, Trump Says Ceasefire Still Holds

Health News

3 Dead in Suspected Hantavirus Outbreak on Cruise Ship in Atlantic Ocean: WHO

Ross Muscato covers the U.S. Congress for The Epoch Times.

Ross Muscato

As the United States hurtles yet again toward a deadline by which either its debt ceiling is raised or it defaults on its financial obligations, Biden administration officials and Congressional lawmakers took to the Sunday talk shows on May 14 to voice their positions and sway public opinion.

It’s a financial game of chicken, with most Democrats—who are wanting to continue raising the debt ceiling—facing off against a small and tenaciously stubborn faction of GOP fiscal hardliners, among them those who withheld their vote for Rep. Kevin McCarthy (R-Calif.) for Speaker of the House this past January until he agreed to legislative demands on fiscal matters.

Some fear that McCarthy may be forced, because of the commitments he made, to allow a default unless Democrats agree to spending cuts.

Negotiations continue involving Democrat and Republican Congressional leaders and the White House.

Congress established the debt ceiling during World War I, clearing the U.S. Treasury to borrow up to a set limit.

Pandemic expenditures, financial costs of wars in the Middle East, and paying for the care of an aging population have all significantly contributed to the present national debt of $31.3 trillion, a figure that works out to be about $94,000 in debt per citizen.

If Congress and the president can’t agree on raising the debt limit, a default could come as soon as early June and not later than early August.

At a recent CNN Town Hall event featuring GOP 2024 presidential candidate Donald Trump, the former president said that if Republicans in Congress cannot get the spending cuts they seek, a default would be preferable to raising the debt ceiling.
<h2>Efforts Continue to Reach an Agreement and Avoid Default</h2>
Lael Brainard, director of the National Economic Council, which advises the president on U.S. and international economic policy, appeared on CBS’s Face the Nation to talk with Margaret Brennan about the status of the negotiations.

“The president has said talks are moving along,” Brennan said. “The secretary of the Treasury said negotiators have found some areas of agreement. That sounds like movement. How close are we to a deal?”

Brainard responded, “Yes, so the staff is very engaged. I would characterize the engagement as serious, as constructive. And, you know, I think it is, though, Margaret, helpful to just lift up and talk a little bit about what is at stake here.

“So, when I talk to CEOs, to business leaders around the country, they tell me things are actually going very well. But their biggest concern is that Congress might fail to prevent default and that that would be catastrophic.  It would lead to higher borrowing costs for cars, for mortgages, for small businesses, even for the U.S. government. And so the most important thing is making sure that Congress fulfills its basic responsibility to avert default.”

On ABC’s This Week, host Jonathan Karl questioned Rep. Michael McCaul (R-Texas), chair of the Foreign Affairs Committee, on Trump’s endorsement of a default. He asked McCaul, “How concerned are you that we are headed toward a default?”

The congressman replied, “Well, this is always a game we play every Congress, you know, and daring each other to jump off the cliff. It’s a dangerous game. I think defaulting on our full faith and credit, any financial person would tell you that’s very catastrophic.”
<figure id="attachment_3966565" class="wp-caption aligncenter" style="width: 525px;">

Rep. Michael McCaul (R-Texas), speaks at a bipartisan news conference on the ongoing Afghanistan evacuations, at the U.S. Capitol in Washington, on Aug. 25, 2021. (Kevin Dietsch/Getty Images)

<figcaption class="wp-caption-text"></figcaption></figure>
McCaul said that Republicans are willing to raise the debt ceiling but want “meaningful spending cuts and capping spending at 2022 levels.”

Deputy Treasury Secretary Wally Adeyemo discussed the debt ceiling with host Dana Bash on CNN’s State of the Union. Adeyemo struck a note of bipartisanship on the issue, stating that conversations between the parties about the debt were valuable.

“I know the president looks forward to getting together with the leaders to talk about how we continue to make progress,” said Adeyemo. “But it’s important for us to remember what the stakes are here.

“And ultimately, the stakes are the United States of America has never defaulted on its debt, and we can’t because defaulting on our debt isn’t only about financial markets; it’s about paying our Social Security recipients, it’s about paying our troops, it’s about paying the men and women who are working in the border today. That’s why the president’s called on Congress to lift the debt limit as soon as possible.”

Sen. Chris Murphy (D-Conn.) told host Chuck Todd on NBC’s Meet the Press that he is concerned about the stand on U.S. government spending that Speaker McCarthy is taking.
<figure id="attachment_4528282" class="wp-caption aligncenter" style="width: 525px;"><figcaption class="wp-caption-text">

Sen. Chris Murphy (D-Conn.) speaks during a press conference following Senate Democrat policy luncheons at the U.S. Capitol in Washington on June 7, 2022. (Nicholas Kamm/AFP via Getty Images)

</figcaption></figure>
“Chuck Schumer, Joe Biden, even Mitch McConnell have said that if we can’t get an agreement in the next few weeks, default is off the table,” said Murphy. “The only leader who says we are going to light the American economy on fire if we can’t get an agreement in the next 10 to 14 days is Kevin McCarthy.”

Rep. Byron Donalds (R-Fla.), who has endorsed Donald Trump’s 2024 presidential run, shared his opinion on Joe Biden’s stewardship of the economy with Fox News Sunday’s Shannon Bream.
<figure id="attachment_4729750" class="wp-caption aligncenter" style="width: 525px;"><figcaption class="wp-caption-text">

Rep. Byron Donalds (R-Fla.) questions Office of Management and Budget Director Shalanda Young during a House Committee in Washington on March 29, 2022. (Rod Lamkey - Pool/Getty Images)

</figcaption></figure>
“<span style="font-weight: 400;">Any family and any business in our country understands you cannot just continue to spend massive amounts of money and then borrow massive amounts of money and there will be no consequences,” Donalds said.</span>

<span style="font-weight: 400;">“Every American family has already seen the first consequence from Joe Biden, and that is a massive inflation that has been the most insidious tax the American people have seen, whether you’re rich or poor, whether you’re black or white, whether you’re Republican or Democrat, it has come for everybody.”</span>

<em>From <a href="https://www.theepochtimes.com/biden-administration-and-gop-lawmakers-trade-jabs-over-impending-debt-ceiling-deadline_5264852.html">The Epoch Times</a></em>

Videos

Business News

Politics

01_Lead Story

04_Top Stories

Premium Picks

Latest Clips

Management

debt ceiling

Lael Brainard

Congress

Latest and breaking news, documentaries, movies, and lifestyle content on NTD+.
 
Empower your knowledge and elevate your spirit with NTD+, your go-to destination for truthful news, insightful documentaries, and captivating lifestyle content that enriches your life.