Source: Tom Williams / Getty
WASHINGTON — The United States will default on its debt on July 31st of this year unless lawmakers in Washington agree to raise the country’s debt limit.
Earlier this year the country hit its debt limit, which means since Jan. 19 the U.S. has been unable to borrow any more money. Since then the U.S. Treasury Department has had to take what they call “extraordinary measures in order to keep paying the country’s bills.
“The president should come to the table and negotiate with us in terms of the overall debt ceiling increase,” said Indiana Congressman Rudy Yakym (R-IN-2nd).
President Biden has said in the last month that he will not negotiate with Republicans in Congress over raising the debt ceiling. The GOP says that in order to get them on board with raising the debt ceiling they want to see some “concessions” on spending from Democrats.
During his State of the Union, Biden jabbed Republicans who he said want to slash programs like Medicare and Social Security, which was met by a smattering of boos and jeers from Republican lawmakers. Yakym tells WISH-TV that there are no plans to cut either of those programs.
“We’re looking for some pretty simple things that ought to be able to help us close the gap on our overall budget deficit which we all know is unsustainable,” Yakym said.
For Yakym, that would not include specific cuts to any select few programs. Ideally, he would like to see federal spending return to what it was for the 2021-2022 fiscal year. He feels this will help correct an imbalance in federal spending that he says is leading to inflation.
“I’m hearing loud and clear from constituents up here in the second district about the issue of inflation,” Yakym said. “That affects everyone, from senior citizens, whose costs are going up faster than their incomes. It’s affecting small businesses and their ability to hire.”
Yakym also made it clear that the U.S. will not default on its debt.
