Donald Trump, the Republican frontrunner for the 2024 presidential elections, said on Sunday night that unless the GOP get "everything" they are asking in terms of cost-cutting they will have no choice but to let the Biden administration default.
What Happened: The former president also had the "Green New Deal" in his crosshairs in a post on Truth Social. He described the proposals as a "con job."
"Unless the Republicans get EVERYTHING they are asking for in terms of Cost Cutting, in particular all of the Trillions of Dollars of Inflation causing WASTE that has stupidly been approved over the last two years, much of it for the Green New Deal Con Job, they will have no choice but to let the Biden Administration Default on U.S. Debt," said Trump.
Trump said that when he was president, the Democrats took a cavalier stance and said they didn't care about the United States defaulting.
He said that with "32 Trillion Dollars of Debt out there" it was better to let the default happen now than later.
Why It Matters: President Joe Biden has said that he expects to meet with congressional leaders on Tuesday to hold on the debt ceiling, reported Reuters.
He expressed optimism that both sides will reach an agreement. The president is reportedly scheduled to leave for a G7 meeting to be held in Japan on Wednesday.
This isn't the first time Trump has urged Republicans to default unless their spending cuts are not implemented. He said last week that Democrats "will absolutely cave" because they don't want a default to occur.
Biden meanwhile has slammed "MAGA Republicans" over the continuing debt-ceiling impasse and has said that Default is "not an option."
The president has warned that default will erode "millions of jobs, trigger a recession, hit retirement accounts and increase borrowing costs."
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
