Republican lawmakers have indicated they will not vote for any bills suspending borrowing limits.
Senate Majority Leader Chuck Schumer, D.N.Y., said Wednesday that Democrats will not raise the debt limit through the budget reconciliation process, despite ongoing resistance from Republican lawmakers before a crucial deadline.
Republican lawmakers have indicated they will not vote for any bill suspending borrowing limits, prompting Democratic leaders to look for other options to prevent a US default. During Wednesday’s speech on the Senate floor, Schumer said the chamber “cannot nor will” add language about a debt limit increase to President Biden’s $3.5 trillion spending bill.
“Doing this through reconciliation requires ping-ponging back individual bills from the Senate and the House. This is unknown waters,” Schumer said. “Individual senators can lead to delays and delays and delays. It is very risky and could lead us into default, even if there is only one senator.”
McConnell blocks Schumer bid to raise loan limit on majority basis
“It’s very possible. So you can’t do it this route. Everyone who’s studied it knows it’s risky, and it’s just a political gamble by leader McConnell, who changed his tune several times.” It is,” Schumer said.
Democrats could pass the $3.5 trillion spending package with a simple majority, but adding a debt limit measure to the bill would require lawmakers to attach a specific number to the increase. The addition would potentially result in a significant delay as Democrats rework proposed legislation for the measure.
Schumer previously sought to raise the debt limit by combining the hike with stopgap government funding and hurricane relief. Later, he sought the Senate’s unanimous consent to pass the debt suspension on a standalone basis by a simple majority vote. GOP lawmakers blocked both initiatives.
Republicans argue that the debt ceiling increase will facilitate Democrats spending on legislative priorities that will increase the federal deficit.
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McConnell said earlier this week, “There is no chance that the Republican convention will go out of our way to help Democrats save their time and energy so that they can resume through partisan socialism as soon as possible.” can do.”
The Treasury said the US cash reserves would be exhausted by October 18. Without the maximum increase, the government runs the risk of defaulting on its debt obligations for the first time in history.