The U.S. could default on its debts for the first time ever if action isn't taken, Treasury Secretary Janet Yellen said.
reporters after a weekly GOP policy meeting, at the Capitol in Washington on September 21, 2021. Senate Majority Leader Chuck Schumer had sought unanimous consent to change the vote threshold to raise the debt ceiling from 60 votes to a simple majority, but Minority Leader Mitch McConnell objected.
As it stands, all Democrats and 10 Republicans in the Senate would have to agree on raising the debt ceiling or run the risk of having the country default on debt payments, which Treasury Secretary Janet Yellen says would happen around October 18. McConnell opposes raising the debt ceiling, which could pave the way to expand government spending as Democrats move forward with a $3.5 trillion budget package.
Democrats say they want bipartisan support for raising the debt ceiling, since it’s been pushed up by increased spending by both parties over the past several years. Republicans, who suspended the debt ceiling under President Donald Trump, claim it is the Democrats’ responsibility to raise the cap since the party controls both chambers of Congress and the White House.“There is no chance—no chance— the Republican conference will go out of our way to help Democrats conserve their time and energy so they can resume ramming through partisan socialism as fast as possible,” McConnell said.
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