Can Joe Biden resolve the US debt crisis amid the growing rift between Democrats and Republicans?

The United States is now just two weeks away from possibily defaulting on its debt.   On June first, if the White House and Congress cannot agree to raise the federal debt ceiling, Washington will run out of money.  It would be the first time in US history that Uncle Sam writes checks that bounce. Democrats and Republicans have engaged in similiar chicken fights over the debt ceiling before.   But the option of default was never one anyone -- on either sidde of the political aisle -- took seriously.   Apparently, the commitment to country over party is not what it used to be. US President Biden and Congressional leaders are still in last minute negotiations.  And they'll continue at high level while he travels to the G7 summit in Japan.  Top of the agenda there:  To default or not?  Here is what Biden told reporters today before departing on Air Force One.

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[tomwery]

They not talking about cutting they're own pay but cutting poor old folks pensions.

[sketchygetchey]

Well it’s like what an old meme says: neither party cares if the country burns, just as long as they can rule the ashes.

[uzef]

Joe Brandon doesn't know he's alive

[HiepNguyen-xspr]

the US played this game all the time; if there is no agreement then Congress will extend the debt by quarter until reach a deal so no need to comment on the US will default

[spicycopper]

Since 1960, Congress has acted 78 separate times to permanently raise, temporarily extend, or revise the definition of the debt limit – 49 times under Republican presidents and 29 times under Democratic presidents.

Source - US Treasury site

Note:
The debt ceiling was raised on 17 occasions Under President Ronald Reagan, nearly tripling from $935.1 billion to $2.8 trillion.

It was rised 3 times adding almost $7.8 trillion during Trump's time in office.

[ancikul]

Unbelievable. The US economy is so big and brutal, several times bigger than the german economy (I live here), but it is still deep in debt.

[trentonpower]

There hasnt been commitment to country over party here for 2 decades or so

[wwfww]

Economy today is such that one can’t make sense of it without a phd! It’s a bubble we know that much, and to pop it it requires a complex needle.. but instinct tells me that as the bubble grows it becomes more and more fragile

[worldview]

Only because of hipocrasy an era of golden time finished.

[CarFreeSegnitz]

The US will not default. The debt is owed to extremely wealthy entities to whom the US is subservient. What this is all about is to provide a pretence to cut back on non-military spending. Say bye-bye to what little social and infrastructure spending there was.

It’s maddening to watch as the wealthiest nation the world has ever seen slowly eat itself for the benefit of a handful of extremely wealthy people who would still live in extreme opulence even if 99.9% of their wealth was expropriated.

[believer]

Sanctions are Working 😂😂😂
What comes around will goes around.

[williamlai]

Biden: America is not a deadbeat nation... we print out money to pay the bill.

[puffinjuice]

"We Americans pay back back our debts" 😂 If the debt keeps growing, it means you ain't paying it back. Does the president not understand the basics of borrowing?

[seanlander]

One solution is to call in the French loans. France owes close to two trillion and hasn’t paid a penny since 1931.

[erwinslootweg]

the last few years this seem to have been the norm anyway. debt goes to high, the house squables and at some point says "ok!" and up the debt can go again like nothing happened.

[DjHazardous]

*Uncle Sam has been writing checks that bounce for a long time now* 😂

[pumalee]

USA is not shortage of papers and ink.

[ColumbusO]

Europe is 16+ trillion GDP economy. Why US should pay for European security? Let Europe help Ukraine for the war.

[chriscarrol]

He is right that the USA won't default but the repercussions of this will undermine confidence in the USA dollar and the governments foreign commitments. This is like a husband and wife argument about should we pay the credit card this month and the husband spent wildly lately.

[nickchkheidze]

Rick Sanchez destroyed galactic federation by turning their currency to zero