June 8, 2023

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Stumbling block in the US Congress on reforms | Joe Biden cancels trip to Chicago

(Washington) Joe Biden canceled his Chicago trip to the parliamentary arena at the last minute, where both his grandiose reforms and the US settlement are in jeopardy.

Virginie Montet and Elody Cuisine
France Media Company

A White House official said the U.S. president, who boasts of being the best negotiator in decades after wearing Senate benches, has abandoned the trip.

Joe Biden “will be at the White House tomorrow to push these two bills forward”, one dedicated to infrastructure and the other to social spending.

Acceptance of these two plans was initially reported to be about $ 5 trillion, which comes against the fraternal war between Democrats.

The most left-wing elected officials insist on accepting both texts at once. Centralists must first take more time for infrastructure, more consensual investments, and the social aspect.

To make matters worse, the US Congress is facing another plan, at the same time very different, but closely linked to the debate over Joe Biden’s plans: to avoid anything other than America’s first sovereignty, which could intervene from October 18.

Democrats and Republicans agree in principle: a U.S. default will cause a global financial catastrophe with severe consequences for Americans.

This does not prevent the Conservatives from thwarting any maneuver that unites the two sides in this matter.

Congress needs to resolve the credit limit quickly. If this does not happen, for the first time in history, the United States will fail, “said Janet Yellen, a former Treasury secretary.

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Joe Biden’s finance minister expects the treasury to “end with very little evidence” after October 18th.

“Waiting until the last minute can severely affect business and consumer confidence, increase the cost of credit for taxpayers, and negatively affect the credit rating of the United States for many years to come,” the manager recalled.

“Stop talking about it”

The US credit limit has the sole right to be raised by Congress, which has done so on several occasions and is largely due to a mutual agreement between Democrats and Republicans, which came into force on the 1st.There is August.

It prevents the United States from issuing new loans unless the current limit is raised to $ 28.4 trillion.

Democrats did not have enough influence in Congress to overcome the disruptive power of the Republicans, at a time when discriminatory divisions during Trump’s presidency seemed insurmountable in the United States.

Republicans refuse to raise the debt ceiling because it would give Joe Biden Carte Blanche his “irresponsible” investment plans.

The Conservative opposition wants the Democrats to solve the financial crisis themselves.

What Democrats deny.

Since the 1960s, the debt ceiling has been raised or suspended 80 times. One party never blocked this move.

As the budget and parliamentary issues are already not sufficiently entrenched, Congress must also adopt a new federal budget on Thursday evening, midnight, to prevent a sudden cut in public funds (Shutdown)

The move is a consensus, according to reports from each other. But even here, the Senate Republicans are blocking it so far because they want to vote separately on any decision on the debt ceiling.

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Democratic leaders in Congress must propose a new text that will focus only on the budget.