Biden Vows He Will Not Let US Default Over Debt Limit

The transcript highlights the current administration's success in reducing the deficit by $1.7 trillion, marking the largest deficit reduction in American history. It contrasts this with the previous administration, which significantly increased the national debt. The text also praises Congress for responsibly lifting the debt ceiling three times to prevent economic disaster and calls for continued responsible fiscal actions.

What significant financial achievement is highlighted by the current administration?

• Raising taxes

• Cutting the deficit by over $1.7 trillion

• Reducing unemployment

• Increasing the national debt

How did the previous administration impact the national debt?

• Added nearly 25% of the total debt accumulated over 200 years

• Kept it stable

• Eliminated it completely

• Reduced it by 25%

What action did Congress take in response to the rising national debt?

• Increased taxes significantly

• Cut social programs

• Lifted the debt ceiling three times without preconditions

• Refused to lift the debt ceiling

What was the purpose of Congress lifting the debt ceiling?

• To lower taxes

• To reduce government spending

• To prevent an economic disaster

• To increase the national debt

What is the current administration urging Congress to do?

• Ignore the debt ceiling

• Follow the previous approach of lifting the debt ceiling without preconditions

• Increase the national debt

• Cut the deficit further