US debt ceiling crisis: Standoff over budget is “manufactured” and needless, Biden says

Speaking in New York on Wednesday, U.S. President Joe Biden called the debt ceiling standoff a “manufactured crisis” that would be a problem for the “whole world.”

Biden said America should be able to cut spending and lower the deficit “without a needless crisis.”

After meeting with Congressional leaders, Biden said that Republicans had “ruled out any new revenue” in their proposal to raise the debt limit and are demanding to make permanent the $2 trillion in tax cuts introduced under the Trump administration.

He said that agreeing to Republican demands would mean the government would have to cut 22 per cent “of everything else” from the budget.

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