Republicans Say They Won’t Help Democrats When It Comes to Debt Limits
A source told Granthshala Business that House Speaker Nancy Pelosi and Senate Majority Leader Chuck Schumer will discuss the infrastructure bill and $3.5 trillion reconciliation package with President Biden on Wednesday, which has been a source of controversy in Washington.
Republicans have accused Democrats of ignoring them when it comes to legislation because they control both the chambers of Congress and the White House. Senate Minority Leader Mitch McConnell said his party will not come to his aid when it comes to debt ceilings.
What is the loan limit?
“Since Democrats decided to go it alone, they won’t get the help of Senate Republicans to raise the debt limit,” he said Monday, referring to a $3.5 trillion reconciliation package. “I’ve explained it clearly and for more than two months in a row. We haven’t divided the government. The Democrats don’t need our help. They have every tool to address the debt ceiling on their own. “
The House of Representatives voted Tuesday night to pass an ongoing resolution to fund the government and raise the $28 trillion debt limit by December 3.
The package will provide stopgap money to keep the government funded till December 3 and extend the lending right till the end of 2022. This includes $28.6 billion in disaster relief after Hurricane Ida and other extreme weather events, and $6.3 billion to support Afghanistan. Evacuation in consequence from the end of the 20 Years’ War.
The resolution would require the support of at least 10 Republicans to pass in the Senate or the government could be shut down. Pelosi and Schumer’s offices did not immediately respond to after-hours emails from Granthshala Business.
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The Associated Press reported that Moody’s Analytics chief economist Mark Zandi warned that whether lawmakers allow federal debt default “this economic landscape is catastrophic.”
In a report being circulated by Democrats, Zandi warned that a potential recession from government funding cuts would cost 6 million jobs and wipe out $15 trillion of household assets from stock market losses.
Granthshala News’ Hilary Vaughan and