Washington, D.C. — Following President Biden’s speech highlighting the immense potential consequences of Senate Republicans refusing to allow the nation to meet its debt obligations, government watchdog Accountable.US released the following statement:
“During the Trump years, Republicans in Congress didn’t hesitate to suspend the debt three times while doling out trillions of dollars in tax breaks to millionaires and big corporations — giveaways that never trickled down to working people,” said Kyle Herrig, president of Accountable.US. “Now, these Republicans are doubling down on their threats to hold the process hostage and keep the nation from meeting its obligations even though 97% of the current debt was incurred before Joe Biden became president.
“These obstructionists are not fooling anyone with their newfound, politically motivated concerns over spending,” added Herrig. “Mitch McConnell and company think their threats to tank the economy will hurt the president politically, but it will only hurt everyday Americans struggling to get ahead during the pandemic. The public will see right through their hypocrisy and pitiful attempt to rewrite history at the expense of working families in every corner of the country.”
Last month, Accountable.US released an analysis showing around half of sitting Republican senators voted for three debt limit suspensions with little complaint during the Trump administration as it added over $7 trillion in federal debt — including most of the party’s current leadership.
One estimate shows that 97% of the current federal debt was incurred before President Biden ever assumed office. While Treasury Secretary Janet Yellen has warned of “absolutely catastrophic” consequences for financial markets and average Americans, Senate Minority Leader Mitch McConnell insists Republicans are “united in opposition to raising the debt ceiling,” dusting off their old obstructionist playbook from the Obama era that harmed the economy.
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