The US economy is once again on the verge of a major fiscal crisis, four months after barely avoiding a catastrophic default, as President Joe Biden’s Democrats are engaged in a bitter feud with Republican rivals in Congress over spending bills.
The bills, which if not passed into law soon, may trigger a government shutdown.
US lawmakers have until midnight on September 30 to reach an agreement, before funding for government services is due to dry up, AFP reported.
A shutdown would put at risk the finances of hundreds of thousands of workers at national parks, museums and other sites operating on federal funding, but it could also carry significant political risk for Biden as he runs for re-election in 2024.
House Republicans failed to support the government spending levels agreed to between Biden and Speaker Kevin McCarthy, the top Republican in Congress, that would keep government gears turning, the White House has said.
The bipartisan budget agreement is a big win for the American economy and the American people. Here’s what’s in it. pic.twitter.com/UEZaWzgFov
— The White House (@WhiteHouse) June 3, 2023
“A small group of extreme Republicans don’t want to live up to the deal, so now everyone in America could be forced to pay the price,” Biden said on Saturday. “It’s time for Republicans to start doing the job America elected them to do,” he added.
Tensions are mounting around additional aid for Kyiv after Ukrainian President Volodymyr Zelenskyy visited Congress on Thursday pleading for more weapons to battle Russian forces 18 months into the war.
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