The White House is asking corporate leaders to pressure Republicans on the debt ceiling issue as President Joe Biden prepares to meet with Majority Leader Kevin McCarthy (R-CA) this week.
The controversy could affect the entire nation, as a looming government shutdown is expected if an agreement is not made by June 1.
Report: White House Begging CEOs to Pressure Republicans to Cave on Debt Ceiling
So as we swim through the sauce we find what this showdown really is all about is Little Joey wants the same open wallet as others got. Not if it’s a good idea! He just wants https://t.co/p7uwlwUa7T
— Raddrob (@Rob19428888Rob) May 9, 2023
"Biden’s Treasury Secretary Janet Yellen is personally calling CEOs to urge them to put pressure on Republicans," Breitbart News reported.
"Yellin is calling CEOs from the financial sector and the broader economy to warn them about the “dangerous consequences of the current brinkmanship,” one source told Reuters," it added.
Biden betting McCarthy blinks first in debt ceiling showdown https://t.co/5B8jVX9IcT
— Newsweek (@Newsweek) May 9, 2023
"A default would push the economy right over the edge," Dan North, a senior economist at Allianz Trade North America, told Newsweek.
"Neither side wants to be seen as the party that created the default," he said, but "both sides are digging their heels in."
House and Senate Republicans agree: raising the debt limit without getting spending under control would be irresponsible. https://t.co/4Yzy36hHUW
— Kevin McCarthy (@SpeakerMcCarthy) May 6, 2023
"House and Senate Republicans agree: raising the debt limit without getting spending under control would be irresponsible," McCarthy tweeted after Republicans passed a bill to address the issue.
Biden is opposed to the GOP plan as it cuts major funding from a spending plan his party passed last year that would add to the nation's debt.
The GOP bill also cancels Biden's student loan debt forgiveness funding to correct budget deficits, cutting a key piece of Biden's agenda.
The two sides meet this week for discussion but Biden has already waited far too long to get involved in an issue that could potentially threaten the operations of the government. The meeting is also held as Title 42 ends in what could create an even worse disaster at the southern border.
Biden's plan on the debt ceiling has been to let it go until the last moment and now includes pressuring CEOs to push GOP leaders to change their view.