President Joe Biden on Friday vowed that he “will not yield” to GOP demands that he cut entitlement programs like Medicare and Social Security in exchange for avoiding a standoff over the debt ceiling.
But he also ruled out taking one of the more extreme measures to avoid such a fight, saying he opposes eliminating the debt limit altogether as a means of averting future confrontations. Such a move, he said, would be “irresponsible.”
Biden’s remarks come after a series of Republican lawmakers said they backed the notion of lifting the debt limit next year as a leverage point to get Democrats to agree to spending cuts. Congress needs to raise the nation’s borrowing cap to protect its credit score and prevent the U.S. from defaulting on its debt — a prospect that could throw the world into economic turmoil.
[The debt ceiling is a useless obstacle that only encourages brinksmanship — which makes it popular with both parties. If either party was serious about the debt level, they’d proposed balanced budgets. — Ed]
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