He says MAGA Republicans want to ‘blow up the economy’ if they don’t get their way.
Senator Chris Van Hollen (D-Md.)
Washington DC (KM) Work continues in Washington to craft a debt ceiling bill so that the federal government can continue borrowing money and paying its bills. The President wants a straight debt ceiling bill, but Republicans in the House of Representatives want spending cuts before going along with that.
Senator Chris Van Hollen (D-Md) weight in on that issue during Sunday’s “This Week” on ABC TV. “What we have right now is Speaker {Kevin} McCarthy and MAGA House Republican saying they are going to push the default detonator and blow up our economy if they don’t get their way on their budget proposals. That would destroy the American economy,” he says.
The two sides on the issue met again on Monday, but no agreement was worked out. During a joint appearance, Speaker McCarthy and President Joe Biden said their lead negotiators had a productive day. Despite the lack of an agreement, both men appeared “upbeat “about the prospects of averting a default, The Associated Press reports.
Political leaders in Washington say a debt ceiling agreement is needed by June 1st, or the federal government will be unable to borrow money and pay its bills, and that could lead to default, something that has never happened in US history.
“Its not true that the President hasn’t put forward his own proposals,” Van Hollen continues. “He put forward a budget–a very detailed budget–with $3-trillion dollars in deficit reduction by closing tax breaks for very, very rich people and big corporations. And Republicans won’t ‘ accept one penny in deficit reduction from closing tax loopholes.”
If no agreement is reached on avoiding a default, the US economy could fall into a recession which would extend to other economies around the world, according to reporting from The Associated Press.
By Kevin McManus