Chuck Schumer said Monday that he’ll tee up another vote on waiving the debt limit, attempting to shame Republicans for blocking action as the country nears the brink of default
Senate Majority Leader Chuck Schumer said Monday that he’ll tee up another ill-fated vote on waiving the debt limit, attempting to shame Republicans for blocking action as the country nears the brink of default.
Another failed vote to lift the debt ceiling could worry economists and Wall Street investors, as thethat the nation could deplete its borrowing ability by Oct. 18, or the so-called X Date. But Democrats must start moving soon if they want to lift the debt ceiling through the reconciliation process, or the same special budget procedure that they’re using to pass Biden’s massive social spending plan. Biden signaled no interest in the notion during remarks on Monday, stressing that Republicans must stop stonewalling.
Still, it’s unclear if some Senate Republicans will start to feel the heat from the business community and financial markets should the stalemate continue to drag on. If the GOP simply refuses to lend the necessary votes, several Senate Democrats said the majority party won’t allow the country to cross over into dangerous economic territory.
In his Monday letter, Schumer said Democrats will discuss the debt ceiling at their party lunch on Tuesday. Treasury Secretary Janet Yellen has warned that if Congress waits until the last minute to lift the cap on the nation’s borrowing authority, it could “cause irreparable damage to the U.S. economy and global financial markets.”
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