SUMMARY
- Sen. John Kennedy expresses confidence in Congress's ability to avert a default on America's debt.
- The Treasury Secretary, Janet Yellen, signals the start of "extraordinary measures" to ensure government solvency, as the national debt breaches the statutory limit.
- Kennedy criticizes the Biden administration for its reluctance to negotiate with House Republicans to control the burgeoning national debt.
With an air of assurance, Sen. John Kennedy (R-LA) weighed in on the impending debt crisis, asserting the nation's ability to overcome it. He highlighted Congress's past successes in averting financial calamity and urged President Joe Biden to coordinate with House Republicans to bring about significant reductions in government spending.
Kennedy, renowned for his distinctive humor, aired his views on Fox News. He strongly suggested that a default on American debt would be improbable, stating, "Our history tells us Congress has had a dozen chances to let us default in the last quarter-century, and it hasn't. So, everyone can sit back and breathe easy."
The Treasury Secretary, Janet Yellen, alarmed Congress recently by disclosing that the national debt had exceeded the $31.381 trillion ceiling. This limit, a figure established by Congress, serves to curb the national debt. Yellen's notice also hinted at the start of "extraordinary measures" to keep the government afloat.
Regardless of party affiliations, administrations have overseen substantial increases in the budget deficit. The situation has particularly exacerbated in the last three years, as a response to the recession triggered by the pandemic lockdown. As a result, the national debt has swelled to a staggering $31.5 trillion.
Kennedy voiced concerns about the Federal government's extravagant spending habits, especially in the past two years, warning, "Unless we take action to address this, a severe recession awaits us. Imagine a scenario where even a corporate giant like Google has to lay off Congress members. That's the gravity of the situation."
The recent overstepping of the debt ceiling arose after an agreement was reached among the Republican lawmakers to introduce a budget, refraining from expanding the statutory debt limit. Kennedy urged Biden to hold discussions with conservative legislators since both factions share the common goal of dodging a default.
The senator criticized the Biden administration for failing to engage in a dialogue with House Republicans, saying, "The White House is bent on casting House Republicans as villains. But these are not folks eager for a default. They're saying, 'Mr. President, let's work together to curb spending, so we don't end up here again.'"
According to Kennedy, the White House's refusal to negotiate echoed immaturity. He quipped, "They're ignoring House Republicans entirely. Isn't it ironic? They're all adults, yet they're failing to act like one."
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