MADISON, WI (WTAQ-WRN) — President Joe Biden met Monday with House Speaker Kevin McCarthy at the White House to resume negotiations over raising the nation’s debt ceiling.
But not everyone is convinced it’s a crisis.
Senator Ron Johnson says a responsible treasury secretary and president would take default off the table by saying we have more than enough revenue to service our debt.
“We have more than enough revenue coming in to pay for our debt servicing. Social Security, probably Medicare. Now some of these agencies might have to shut down temporarily until Congress and President can get its act together,” said Johnson.
Some Democrats, like Wisconsin Congressman Mark Pocan, are calling on President Biden to do an end run around Republicans.
“This should never even exist, and I think that’s why a lot of us have said, ‘You know Mr. President, maybe invoke the 14th Amendment. Let’s make sure we never go through this again, because it’s a really risky game of chicken.’” said Pocan.
Negotiators have as few as 10 days to reach a deal to raise or suspend the debt ceiling. If they fail, the U.S. Treasury runs out of cash to pay the government’s bills.
