U.S. President Joe Biden piled stress on Republican lawmakers on Wednesday to maneuver rapidly to lift the nation’s $31.4 trillion debt ceiling or threat throwing the U.S. financial system right into a recession that may kill hundreds of jobs.

“We’ve received to battle. We’re going to win this battle,” Biden mentioned at a flag-bedecked occasion at Westchester Neighborhood School in Valhalla, New York.

Biden made his case in a congressional district that Republicans gained by a slender margin in November, as his aides and workers for congressional leaders met in Washington in a determined seek for frequent floor forward of a June 1 deadline.

The Treasury Division says the federal government shall be unable to pay its payments as early as June 1.

Republicans are vowing to assist elevating the debt ceiling provided that Biden agrees to retroactive reductions in authorities spending. Biden desires the debt ceiling lifted with out spending cuts hooked up, however mentioned he desires to barter the following funds.

Biden warned that the post-pandemic financial system can be destroyed by a authorities default, and he listed applications that may be slashed if Republicans get their method, like suicide prevention for veterans.

“That is no time to place all this in danger, to threaten a recession, to undermine America’s standing on the planet. Republican threats are harmful they usually make no sense,” he mentioned.

Biden additionally mentioned the fossil gas business desires the federal government to eradicate tax credit for people and companies for putting in energy-saving units.

“Right here’s the actual reality: Large Oil doesn’t need it, and Republicans are carrying their water,” he mentioned.

Biden spoke a day after he met with prime Republican and Democratic lawmakers for the primary time in three months to attempt to transfer ahead on the debt ceiling and keep away from a historic default.

The White Home has dubbed the Republican budget-cutting proposal the “Default on America” act.

White Home aides are assembly with congressional leaders’ workers in Washington every day earlier than Biden and the leaders meet once more on Friday.

The school the place Biden spoke is positioned in a suburban district represented by Republican congressman Mike Lawler, certainly one of a handful of New York Republicans who unseated Democrats in 2022, giving their social gathering its slender 222-213 Home of Representatives majority.

Lawler appeared on the occasion however didn’t converse.

Democrats view Republican Home members who narrowly gained election as probably weak to being pressured into breaking with their social gathering’s management and voting for a invoice to lift the debt ceiling with out circumstances.

The president additionally was attending two fundraising occasions for his 2024 reelection bid hosted by rich donors – former Blackstone govt Tony James and Government Chairman of the Libra Group George Logothetis.

Tickets for the James gathering will go for $25,000 per individual, in accordance with a memo to donors. Biden introduced this yr that he would appoint James to his intelligence advisory board.

“It may be a reasonably ugly marketing campaign arising,” Biden, 80, mentioned on the James fundraiser, the place he spoke for greater than half-hour. “It wasn’t an automated resolution to run once more.”

Logothetis has repeatedly donated to the Democratic Occasion and hosted gatherings in assist of former President Barack Obama.

Whereas Biden has largely centered on his presidential duties since saying his bid for re-election, his marketing campaign operation is coming to life.

The occasions are anticipated to generate some $2.5 million for Biden’s reelection marketing campaign, in accordance with sources.

(Reporting by Nandita Bose in Valhalla, further reporting by Steve Holland, Susan Heavey and Jasper Ward in Washington; Enhancing by Heather Timmons, Stephen Coates, Invoice Berkrot and Cynthia Osterman)