World

Trump says US should default on its debt if White House fails to cut costs

President Joe Biden to meet congressional leaders tomorrow to follow up on debt ceiling negotiations

Updated 3 years ago · Published on 11 May 2023 3:30PM

Trump says US should default on its debt if White House fails to cut costs
According to the Treasury Department, the United States could default on its financial obligations as early as June if the debt ceiling is not raised. – Pixabay pic, May 11, 2023

MOSCOW – Former United States president Donald Trump said yesterday that the US should default on its debt if the White House does not agree to cut spending, reported Sputnik.

“I say to the Republicans out there, congressmen, senators, if they don’t give you massive cuts, you’re gonna have to do a default, and I don’t believe they’re going to do a default because I think the Democrats will absolutely cave because you don’t want to have that happen. But it’s better than what we’re doing right now because we’re spending money like drunken sailors,” Trump told CNN town hall when asked what he thinks about the debt situation in the US.

“Well, you might as well do it now because you’ll do it later because we have to save this country. Our country is dying. Our country is being destroyed by stupid people, by very stupid people,” Trump said when asked by the host to clarify what he said.

On Tuesday, US President Joe Biden met with congressional leaders, including House Speaker Kevin McCarthy, to negotiate lifting the US debt ceiling. 

Last month, House Republicans passed legislation to raise the debt ceiling in exchange for cuts to government spending. However, Biden and Senate Majority Leader Chuck Schumer have rejected the measure.

Biden is set to meet again with congressional leaders tomorrow to follow up on debt ceiling negotiations.

The US could default on its financial obligations as early as June if the debt ceiling is not raised, the Treasury Department said earlier this month. – Bernama, May 11, 2023

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