In a high-stakes standoff over the U.S. debt ceiling, congressional Republicans believe they see a chance to scale back President Joe Biden's sweeping domestic agenda while boosting their odds of retaking Congress in 2022.
WASHINGTON - In a high-stakes standoff over the U.S. debt ceiling, congressional Republicans believe they see a chance to scale back President Joe Biden's sweeping domestic agenda while boosting their odds of retaking Congress in 2022.
The stakes are high. Failing to fund federal agencies past Sept. 30 could trigger the third partial government shutdown in a decade and a failure to suspend the debt ceiling by mid-October brings the risk of a historic default that could shake financial markets and even spark a recession. Republicans, while insisting they want to avoid a crisis, could be relatively insulated from any threat of default.
Schumer denies that the debt-ceiling debate has anything to do with Biden's agenda and has accused McConnell of "engaging in fantastical feats of sophistry." Republicans also see the debate as a way to draw a bright ideological line between themselves and Democrats, who they claim are being led by self-declared socialists including Senator Bernie Sanders and Representative Alexandria Ocasio-Cortez.
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