Biden says if Republicans don't 'get out of the way' so the debt ceiling can be raised, Americans could see their finances affected

Delivering remarks at the White House on Monday, President Biden said Republicans should allow Democrats in Congress to raise the debt ceiling before time runs out, later this month. Biden warned that Americans could start to see their retirement, savings and other finances affected days before the debt limit is reached if Congress fails to raise the debt ceiling.

Video Transcript

JOE BIDEN: We're not expecting Republicans to do their part. They made that clear from the beginning. We tried asking to no avail. We're just asking them not to use procedural tricks to block us from doing the job that they won't do. The meteor is headed to crash into our economy. Democrats are willing to do all the work stopping it. Republicans just have to let us do our job. Just get out of the way.

If you don't want to help save the country, get out of the way so you don't destroy it. We don't have time delay with elaborate procedural schemes, which Republicans proposals require. Scores of votes without any certainty at all, many of which have nothing to do with the debt limit at all. And that's when accidents happened.

In the days ahead, even before the default date, people may see the value of their retirement accounts shrink. They may see interest rates go up, which will ultimately raise their mortgage payments and car payments. And the American people-- look, I'll just say it this way. As soon as this week, your savings and your pocketbook could be directly impacted by this Republican stunt. It's as simple as that.

Republicans say they will not do their part to avoid this needless calamity. So be it. But they need to stop playing Russian roulette with the US economy. It's one thing to pay our debts already acquired. It's another to require a supermajority to pay the debts already acquired. It's not right. Let the Democrats vote to raise the debt ceiling this week without obstruction or further delays.

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