It’s no surprise that the Biden Administration is once again playing political games with the US economy. Despite warnings from Treasury Secretary Janet Yellen, President Joe Biden has left town for the long Memorial Day weekend without a care in the world. The country is facing a potential debt crisis, but he’s off enjoying his vacation.
Yellen has issued a letter with updated math to predict when the US will officially hit the debt ceiling and default on its obligations. Unfortunately, it’s June 5th. This means that the government will have insufficient resources to satisfy its obligations if Congress doesn’t raise or suspend the debt limit.
It’s not as if this news is entirely unexpected, but it appears that the administration only cares about this crisis when it fits their political narrative. Yellen had previously warned that the US could default on its debt as early as June 1st, but apparently, the latest number-crunching has given the negotiators a few more days before this “x-date.”
BREAKING: Letter from Sec. Yellen to congressional leadership.
"Based on the most recent available data, we now estimate that Treasury will have insufficient resources to satisfy the government’s obligations if Congress has not raised or suspended the debt limit by June 5."
— Shannon Bream (@ShannonBream) May 26, 2023
Despite previous warnings, the White House has remained indifferent to the situation until now. Why couldn’t Biden have signed the House’s Limit, Save, and Grow Act into law weeks ago instead of leaving town for another vacation? Perhaps if Treasury Secretary Yellen had nudged her boss to take up negotiations more than two months earlier, we wouldn’t be in this mess.
The Biden Administration’s lack of concern for the wellbeing of the American economy is concerning. While the country faces a potential debt crisis, Biden is off enjoying his holiday weekend. It’s no wonder that Americans are losing faith in their government. We need leadership that prioritizes the US economy, not just their own interests.