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.
WASHINGTON - U.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.
Senate Republican leader Mitch McConnell has repeatedly said Democrats should raise the debt ceiling on their own. On Tuesday, McConnell said: "Republicans are united in opposition to raising the debt ceiling, not because it doesn't need to be done" but because he believes Democrats should include it in their $3.5 trillion infrastructure bill and pass it without Republican support.
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