- The Washington Times - Monday, May 1, 2023

President Biden told a group of small-business owners Monday “the most important thing” is to pass a clean debt-ceiling increase, reiterating his refusal to negotiate with House Republicans.

Speaking at a White House Rose Garden event honoring the executives, Mr. Biden told them that House Speaker Kevin McCarthy, California Republican, was holding hostage their economic security.

“The most immediate thing we can do is ensure the continued reliance of our economy and the financial system,” Mr. Biden said. “The most important thing we have to do in that regard is make sure the threat by the speaker of the House to default is off the table. “

He added, “For over 200 years, America has never failed to pay its debt. To put it in colloquial terms, America is not a deadbeat nation.”

Mr. Biden and Mr. McCarthy are facing a fast-approaching deadline to stave off a default, which financial experts say will cause economic chaos in the U.S. and around the globe.

Mr. McCarthy last week rallied House Republicans to pass a bill to address spending limits as they try to tackle the nation’s $31.5 trillion debt. The White House branded the proposal as “extreme” because of its steep cuts.

The bill would raise the debt limit until May 2024 in exchange for cutting spending by $4.5 trillion and limiting the growth of future spending. It would also reclaim unspent COVID-19 relief funds, cancel Mr. Biden’s student loan forgiveness program and rescind new funding for the IRS.

Mr. Biden has long disputed GOP efforts to extract spending cuts and policy concessions. Now that the Republicans have offered a proposal, Mr. McCarthy insists it’s Mr. Biden’s time to come to the negotiating table.

Mr. McCarthy and Mr. Biden have not spoken since February, and neither side seems prepared to budge on the issue.

“I’m happy to meet with McCarthy, but not on whether or not the debt limit gets extended,” Mr. Biden told reporters last week. “That’s not negotiable.”

On Monday, Mr. Biden reiterated his accusation that Republicans are engaging in brinkmanship with the U.S. economy.

“We pay our bills and should do so without reckless hostage-taking from some MAGA Republicans in Congress,” Mr. Biden said.

• Jeff Mordock can be reached at jmordock@washingtontimes.com.

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