Staff Reports
As the US approaches its debt limit next week, White House press secretary Jean-Pierre called on both parties to reach an agreement to lift it.
As the country approaches its statutory debt limit next week, there could be a political battle in Congress over the issue. Jean-Pierre urged both parties to work together to resolve the situation.
"Although she wouldn't provide the exact details of the agreement, Jean-Pierre noted that the country has been able to meet its financial obligations in a bipartisan manner for several decades."
She noted that the country's debt ceiling has been raised three times under the presidency of Donald Trump.
The situation could get even more complicated this time due to the machinations in the Capitol.
House Speaker Kevin McCarthy had to make some concessions in order to get around the 20 holdouts in his party. One of these was agreeing to include a provision that would allow the government to increase its debt ceiling while also implementing spending cuts.
Pete Aguilar, the head of the House Democrats' caucus, warned that the Republican-controlled House could be headed toward a debt default and division. As a result, the Senate and House may use the debt limit to force changes in the country's policies.
According to Janet Yellen, the treasury secretary, the country would be able to continue paying its bills through June if Congress passes temporary measures.
The White House is closely involved in the situation, the press secretary noted.
"Jean-Pierre also noted that the White House's legislative affairs division has been in contact with the newly elected members of Congress. She said the president has regularly been in touch with them."
It's up to Congress to make the decisions regarding the country's financial obligations.
Andrew Bates, a White House spokesperson, noted that the fight over the debt ceiling has been like holding a gun to the retirement accounts and jobs of millions of Americans.
"According to Bates, the country is experiencing a declining inflation rate and the lowest unemployment in 50 years. However, unless Congress can pass an extreme agenda, it could lead to the destruction of millions of jobs and the bankruptcy of many businesses."
The preceding is a summary of an article that originally appeared on Washington Examiner.
