Trump throws support behind debt ceiling default

Former President Donald Trump has urged Republican lawmakers to allow the United States to default on its debt if the Democrats do not agree to spending cuts. He made the comments during a CNN town hall during which he defended his supporters who staged a violent insurrection at the U.S. Capitol in January 2021 and mocked the writer E. Jean Carroll a day after a jury found him liable for abusing and defaming her. Trump’s remarks came weeks before the U.S. is projected to run out of cash to pay its bills unless Congress addresses the debt limit.

Since January, the U.S. government has taken several measures to avoid default. However, a default would trigger chaos in markets and result in millions of job losses, according to analysts and economists. Republicans voted to raise the debt ceiling three times during Trump’s presidency. Trump’s words could encourage his GOP supporters in the House to harden their stance against raising the debt limit without corresponding spending cuts.

Biden has said he won’t negotiate over raising the debt limit, although he said he is open to discussing ways to reduce spending in a separate context. Biden and the top four congressional leaders, including Trump supporter House Speaker Kevin McCarthy, R-Calif., will meet again to discuss the debt ceiling on Friday. Treasury Secretary Janet Yellen has said the U.S. government could hit the debt limit as soon as June 1.

Trump said that if Republicans didn’t get the massive cuts they wanted, then they would have to default. He doesn’t believe they will do so because he thinks Democrats will cave. However, he thinks its better than what is happening now because “we’re spending money like drunken sailors.” Despite Trump’s comments, letting the United States default would have a severe impact on the country’s economy and jobs.

If the United States were to default, it would be catastrophic for many people. The United States government has taken many measures since January to avoid default, and the government could default as soon as June 1. Biden said that he wouldn’t negotiate over raising the debt limit, but he’s open to discussing ways to reduce spending in a different context.

Trump’s words could encourage many of his followers in Congress to harden their stance against raising the debt limit without corresponding spending cuts. House Speaker Kevin McCarthy is one of Trump’s supporters and will meet with the other top congressional leaders and Biden on Friday to discuss the debt ceiling.  A default would trigger chaos in markets and result in millions of job losses. Republicans voted three times to raise the debt ceiling during Trump’s presidency.

Trump’s leading contender for the 2024 Republican presidential nomination. During the town hall, he defended his supporters who staged a violent insurrection at the U.S. Capitol in January 2021 and criticized the writer E. Jean Carroll a day after a jury found him liable for sexually abusing and defaming her. If Republicans don’t get the budget cuts they want, then they would have to default according to Trump. He doesn’t believe they will do so because he thinks Democrats will cave.

Trump’s comments came before the government could run out of cash to pay its bills unless Congress addresses the debt limit. The government has taken many measures since January to avoid default. The United States government could default as soon as June 1, which would be catastrophic for the economy and jobs. Biden wants to discuss ways to reduce spending in a different context but won’t negotiate over raising the debt limit.

Trump’s remarks could encourage his many GOP supporters in Congress to harden their stance against raising the debt limit without corresponding spending cuts. House Speaker Kevin McCarthy, who’s a Trump supporter, will meet with Biden and the other top congressional leaders. A default would trigger chaos in markets and result in millions of job losses, according to analysts and economists. Republicans voted to raise the debt ceiling three times during Trump’s presidency.

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