WASHINGTON - President Joe Biden on Monday is set to give remarks on the U.S. debt ceiling, as the country quickly approaches its limit on federal borrowing and lawmakers clash over items on his legislative agenda.
The president will speak from the White House at 11:15 a.m. ET.The U.S. has never defaulted on its debts in the modern era and historically, both parties have voted to raise the limit.
Treasury Secretary Janet Yellen has said that if the current $28.4 trillion cap is not raised by Oct. 18, the U.S. probably will face a financial crisis and economic recession.Raising or suspending the debt limit allows the federal government to pay obligations already incurred.