Rep. Don Bacon warned that there is a concerning risk of a default on the federal government's debts if Democrats and Republicans are unable to compromise on raising the nation's rapidly approaching borrowing limit.
January 15, 2023, 12:35 PMRep. Don Bacon speaks to reporters on his way to a closed-door GOP caucus meeting at the U.S. Capitol, on Jan. 10, 2023, in Washington, D.C.Rep. Don Bacon, R-Neb., warned Sunday that there is a concerning risk of a default on the federal government's debts if Democrats and Republicans are unable to compromise on"I think it is a real threat that both sides have to take serious," Bacon told ABC "This Week" co-host Jonathan Karl.
Speaker Kevin McCarthy contended last week that the government needed to change its spending, some of which he called "wasteful."Bacon on Sunday said that the White House and Democratic lawmakers must come to the table, but the narrow divide in Congress means the goal should be compromise for both parties.
After that, Yellen said, the government would use "extraordinary measures" and its current cash flow to stave off a default for several months, likely until at least June. The temporary measures could include cuts to investing in government employees' retirement funds. Rep. Don Bacon speaks to reporters on his way to a closed-door GOP caucus meeting at the U.S. Capitol, on Jan. 10, 2023, in Washington, D.C."He can't say he refuses to negotiate. That's a nonstarter as well," Bacon argued, "because the mission we've been given is to control reckless spending, which has been not the only contributor but one of the main contributors to inflation.
Separately, Bacon said he supports Attorney General Merrick Garland's appointment of a special counsel to investigate Biden's handling of classified documents after some sensitive materials from Biden's time as vice president were found to still be in his possession, including at an old office he used.
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