Republicans holding US economy ‘hostage’: Biden

President Joe Biden has accused Republicans of holding the US economy "hostage” by refusing to pass a debt limit increase unless he first agrees to "draconian” budget cuts.Biden said he would tell congressional leaders when they meet on Tuesday that they must do "what every other Congress has done – that is pass the debt limit, avoid default”.Republicans in Congress are insisting on Biden first accepting major budget cuts before they vote to extend the US debt ceiling, allowing the government to borrow more money.The Biden administration says funds will run out as early as June 1 if the extension – an annual accounting manoeuvre that usually passes with little debate - doesn’t happen, triggering national debt default."They’re trying to hold the debt hostage to (get) us to agree to some draconian cuts,” Biden said at a White House meeting on the economy.Biden emphasised that he is ready to discuss budget reductions but not if the negotiation was linked to the debt ceiling."We can debate where to cut, how much to spend ... but not under the threat of default,” he said. "That’s why we have a budget process to debate in open.”"The two are totally unrelated. When you pay the debt or not it doesn’t have a damn thing to do with what your budget” is, he said."We’re ready for that debate,” Biden added. But "the last thing this country needs, after all we’ve been through, is a manufactured crisis, and that’s what this is: a manufactured crisis from beginning to end”.Republicans and Democrats should be "debating our vision of the future” in front of the American people, he said. The May 9 meeting at the White House, with Republican House Speaker Kevin McCarthy, Republican Senate Minority Leader Mitch McConnell and top Democrats kicks off a frantic few weeks of negotiation before the US runs out of money to pay its bills as soon as June 1.