U.S. President Joe Biden will insist in his State of the Union address that raising the debt limit of the United States is not negotiable and should not be used as “bargaining chip” by U.S. lawmakers, his top economic adviser Brian Deese said on Monday.
“This bedrock idea that the United States has met all of its financial obligations for its existence as a country isn’t something that anybody should be using as a bargaining chip. It’s not a negotiable item,” Deese said.
He said the economic consequences of questioning that principle could be “quite severe” and could allow adversaries to claim that the “full faith and credit” of the United States had been weakened.
President Joe Biden will announce during his State of the Union speech that he is issuing proposed guidance to ensure construction materials in most federal infrastructure projects are made in the United States, the White House said in a statement on Monday.
“Once finalized, these standards will apply to virtually all infrastructure spending supported by Federal financial assistance—not simply roads and bridges, but also buildings, water infrastructure and high-speed internet,” the statement said.