VALHALLA- US President Joe Biden piled pressure on Republican lawmakers on Wednesday to move quickly to raise the country’s $31.4 trillion debt ceiling or risk throwing the US economy into a recession that would kill thousands of jobs.
“We’ve got to fight. We’re going to win this fight,” Biden said at a flag-bedecked event at Westchester Community College in Valhalla, New York.
Biden made his case in a congressional district that Republicans won by a narrow margin in November, as his aides and staff for congressional leaders met in Washington in a desperate search for common ground ahead of a June 1 deadline.
The Treasury Department says the government will be unable to pay its bills as early as June 1.
Republicans are vowing to support raising the debt ceiling only if Biden agrees to retroactive reductions in government spending. Biden wants the debt ceiling lifted without spending cuts attached, but said he wants to negotiate the next budget.
Biden warned that the post-pandemic economy would be destroyed by a government default, and he listed programs that would be slashed if Republicans get their way, like suicide prevention for veterans.
“This is no time to put all this at risk, to threaten a recession, to undermine America’s standing in the world. Republican threats are dangerous and they make no sense,” he said.
Biden also said the fossil fuel industry wants the government to eliminate tax credits for individuals and businesses for installing energy-saving devices.
“Here’s the real truth: Big Oil doesn’t want it, and Republicans are carrying their water,” he said.
