As the debt ceiling stand-off continues, Bernie Sanders slammed Republicans for holding the world economy and Americans “hostage” with its debt ceiling plan.
What Happened: Sanders took to Twitter to share a clip of his interview with CNN in which he claimed that “a lot of that debt was accumulated under the Trump administration” and that the Republicans were making it worse amid the debt ceiling crisis.
"I have a message for my Republican colleagues: don't hold the American people or the world's economy hostage so you can go to war against the working class of this country. We already have too much inequality in America. Let's not make it worse. We need a clean debt ceiling bill," said Sanders.
Why It Matters: Last week, Speaker Kevin McCarthy achieved a major victory as House Republicans passed his bill to raise the debt limit and cut spending by a narrow margin of 217-215 votes. This legislation represents the Republican Party’s stance on how to avert an impending debt crisis in the near future. However, the Democrats did not support it and as anticipated, none voted in favor of the bill.
Read also: How to Buy Treasury Bonds
In a letter to Congress, Treasury Secretary Janet Yellen said the U.S. government could be headed for an unprecedented default that would "shake the global economy." The Treasury chief warned that the agency would be unlikely to meet all government payment obligations as early as June 1 if Congress does not take any action.
Meanwhile, President Joe Biden has reached out to the House Speaker, inviting him to the White House on May 9 to discuss the debt ceiling limit issue.
© 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.
