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Biden criticizes ‘financially insane’ Republicans over debt ceiling race

WASHINGTON (Nexstar) – If Congress doesn’t vote to increase the debt limit, the government will run out of money to pay its debts as Republicans say they won’t vote to increase the limit unless their demands are met.

Republicans say public spending is out of control and are demanding cuts in public spending in exchange for higher debt limits.

On Monday, President Biden slammed Republicans in the House of Representatives who say they will block an increase in the debt limit if their demands are not met.

“I think these guys are financial freaks. They don’t quite get it,” Biden said.

“When Republicans say we’re not going to pay the bills, that means we’re not going to pay people on Social Security,” Rep. Teresa Fernandez (R-NM) said.

In a letter to lawmakers last week, Treasury Secretary Janet Yellen warned that the US could hit its borrowing limit on Thursday. She said the government has already begun to take emergency measures to continue paying its obligations, including Medicare, veterans’ benefits and military salaries.

Republicans in the House of Representatives say they will not agree to an increase in the debt limit unless government spending is cut.

“Republicans were basically elected to get control of reckless spending,” Rep. Don Bacon (R-NE) said.

Rep. James Comer (R-KY) added: “We hope Senate Democrats and Republicans agree to cut spending. Look, this has to stop, we can’t keep running with this kind of deficit.”

Democrats say Republicans are playing games and the result could hurt the entire US economy if the country can’t keep paying its debts.

President Biden says he is already cutting the deficit.

“Guess what? Last year, I cut the deficit to $350 billion. And this year, the federal budget deficit has shrunk by more than $1 trillion,” Biden said.

The government needs to increase the debt limit to pay for spending that has already been allocated and voted on by Congress, this does not necessarily mean paying for any new or future spending.

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