A battle over the debt limit on Capitol Hill is intensifying after Senate Minority Leader McConnell and other Republicans dug in this week against voting to raise it.
The Treasury Department has said borrowing authority expires next month, and the United States will not be to able to pay its bills if the debt ceiling is not extended.
"So if they want to do all of this on a partisan basis, they have the ability and the responsibility to ensure that the federal government not default," he said.Moments later, Senate Majority Leader Chuck Schumer tore into his Republican counterpart, saying it is"risky business and dangerous business that Sen. McConnell is involved in."
Raising the debt limit would not authorize new spending; it would enable the U.S. to borrow money to pay spending that Congress has approved. It would be necessary with or without the $3.5 trillion bill that President Joe Biden is pursuing. Last month, as Democrats began work on the $3.5 trillion spending and tax bill, 46 GOP senators led by Sen. Ron Johnson, R-Wis.,saying they"will not vote to increase the debt ceiling, whether that increase comes through a stand-alone bill, a continuing resolution, or any other vehicle."
The White House official added that one risk of tying the move to the reconciliation package is that it is not clear the bill will be passed by the October deadline to lift the debt ceiling.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Cruz set to filibuster any Democratic attempt to raise debt limitSenate conservatives will filibuster any attempt to raise the debt ceiling that they can, closing off one of Democrats’ pathways to avoiding a U.S. default later this fall
Read more »
Top Senate Democrat Schumer asks U.S. businesses to weigh in on debt defaultU.S. Senate Majority Leader Chuck Schumer urged the business community on Tuesday to start weighing in with Republicans on the dangers of not raising the debt ceiling to avoid a government default or partial government shutdown. 'This is risky business and dangerous business' that Republicans are engaging in, Schumer, a Democrat, told reporters at the Capitol. There are estimates that sometime in October the Treasury Department could run out of ways to borrow money to finance government debt unless Congress approves a new debt limit.
Read more »
America's creditworthiness — and your 401(k) — are on the line until lawmakers approve a new debt ceilingAmerica's creditworthiness — and your 401(k) — are on the line until lawmakers approve a new debt ceiling.
Read more »
Schumer does not rule out including debt limit in Democrats' economic packageSenate Majority Leader Chuck Schumer did not rule out including raising the nation's borrowing limit in the Democrats' massive economic plan which is currently being written.
Read more »
GOP rhetoric raises worry for all vaccine requirementsRepublicans' sweeping denunciations of President Joe Biden's plan to force more people to get vaccinated against the coronavirus are raising concerns among public health experts that this heated criticism could help fuel a broader rejection of other vaccine requirements, including those put in place by schools and the military, as the issue of inoculations becomes increasingly political. Over the weekend, House Minority Leader Kevin McCarthy, R-Calif., declared on Twitter that there should be 'N
Read more »