Former President Donald Trump on Wednesday reportedly urged Republican lawmakers to let the United States default on its national debt if Democrats don’t reach a consensus on spending cuts.
“I say to the Republicans out there — congressmen, senators — if they don’t give you massive cuts, you’re going to have to do a default,” Trump said in a CNN town hall, according to a CNBC report. “And I don’t believe they’re going to do a default because I think the Democrats will absolutely cave, 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,” he said.
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The former President’s remarks come ahead of the June 1 deadline, when Treasury is expected to run out of cash unless the debt ceiling is suspended or raised.
President Joe Biden and House Speaker Kevin McCarthy are scheduled to meet again on Friday regarding the debt ceiling crisis after they failed to reach a consensus on Tuesday.
Biden urged Republicans to move quickly with the debt ceiling or risk pushing the economy into a recession that would take away thousands of jobs. “This is no time to put all this at risk, to threaten a recession, to undermine America’s standing in the world. Republican threats are dangerous and they make no sense,” he said, according to a Reuters report.
Trump later clarified to CNN anchor Kaitlan Collins saying, “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,” the report said.