The Entire Debt Ceiling Issue and Possible Default Averted
A default would be absolutely catastrophic for the entire nation as a whole. There have been many that have said a default would certainly be worse than the Great Depression. Therefore, being able to avoid a default at all costs would be essential to the well-being of the nation. The economy has been at a very low point for the past couple of years, and it has not really been felt until now. However, now that President Biden and Kevin McCarthy have agreed on a deal, the only thing that needs to be done is for the deal to actually be carried out. However, there is still a deadline when it comes to this being carried out, and it is incredibly important that it gets met.
Many Agree This Should Never Happen Again
This was an incredibly close call, and there were many points where it looked as if a deal was never going to be reached. Additionally, if a deal had not been reached, the American people would have been largely affected negatively. “Boyle said he started feeling the change three weeks ago, when he stood up after a presentation about expected cuts at a dinner of 50 House Democrats and pleaded, “We absolutely have to resolve here and now, this is the last time we go through this craziness,” according to Rep. Brandon Boyle from CNN Politics. What Boyle mentioned about the debt issue is what every single American is thinking as well.
President Biden to Deliver a Speech Regarding Deal
President Biden is expected to give a speech that is directed to this entire debt issue that had been presented. Therefore, there should be plenty of information that will be delivered within this speech, or so it is expected.
“President Biden is scheduled to deliver a rare Oval Office address on Friday evening after congressional passage of legislation that narrowly averts the economic calamity of a first-ever default on the nation’s debt,” according to The New York Times. Therefore, the hope remains that this does not happen within the near future again. There will surely be action taken to prevent a catastrophic default in the future.
Written by David Loran Jr
CNN Politics: Top Democrats say Biden should make this year’s ‘craziness’ the last debt limit fight ever
The New York Times: Biden to Deliver Oval Office Address as U.S. Averts Default
Featured and Top Image Courtesy of Gage Skidmore’s Flickr Page – Creative Commons License
Inset Image Courtesy of angela n.’s Flickr Page – Creative Commons License
