Ron Klain, the chief of staff of Bloomberg, said that the White House sees inflation easing but warns against a default on the US national debt, as lawmakers head toward an impasse on raising the borrowing limit.
The inflation is moderate, according to Klain at the Wall Street Journal's CEO Council on Monday. He added that there was still a lot of work to do there.
He quipped that I m not putting the mission accomplished banner up here.
Klain warned that lawmakers shouldn't dither on raising the government's borrowing limit, a debate that is expected to come to a head early next year.
Republicans who will control the House starting in January have said they will try to use the debt limit as leverage for priorities, including spending limits. Biden said he will not yield to their demands.
Klain said that failure to raise the debt ceiling isn't ridiculous. I believe that no elected official in either party would be irresponsible enough to fritter away the good credit of the country. The White House hoped that in addition to raising the debt ceiling and keeping the government funded, the White House hoped that it could work with the new Republican majority in the House of RepresentativesHouse of Representatives on an agenda that included high-skilled job training programs, mental health issues, and education.
There's going to be a way to bring down inflation but strengthen growth, according to Klain. We need to find a way to adapt economic legislation that is positive for the economy. The top White House aide said he fully expected Republicans to continue to support funding for Ukraine.