Biden Lashes Out At MAGA Republicans Over Debt Ceiling Threat: 'Would Be Catastrophic For Working Families'

As the debt ceiling stalemate continues, President Joe Biden has repeated warnings about the negative consequence of a potential default.

What Happened: "A default on America's debt would be catastrophic for working families," said Biden in a tweet late Monday.

Detailing the ramifications, the president noted that in the eventuality of a default eight million jobs would be gone and a recession would be triggered. Retirement accounts would be devastated and Social Security payments would be delayed, he added.

He also took the opportunity to take a dig at the Republican lawmakers for their intransigence stance. "It's beyond me why MAGA House Republicans would ever think this is an appropriate threat to make," he said.

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Why It’s Important: For the unversed, the Biden administration and House GOP members are wrangling over the bill to raise the debt ceiling. While Republicans want spending cuts to go along with raising the debt ceiling limit, Democrats want to bring fiscal discipline by tapping other revenue sources such as imposing taxes on wealthy individuals

In a recent letter to Congress, Treasury Secretary Janet Yellen urged lawmakers not to wait until the last minute to resolve the impasse. Given the current estimates of income and outflows, a default could occur as early as June, she warned.

Read Next: What Is The Debt Ceiling — And What Happens If Congress Can’t Raise It In Time?