- McConnell seems more determined than ever to resist efforts to raise the debt ceiling with Democrats.
- “It ‘s hard to be a majority. [Democrats] they are the ones who will increase the debt limit, ”he told Punchbowl News.
- It threatens to deepen a dangerous confrontation between Democrats and Republicans that could derail economic recovery.
Senate Minority Leader Mitch McConnell seems more determined than ever to maintain the Republican line of breaking the debt ceiling.
In an interview with Punchbowl News, the Kentucky Republican fired a warning shot at Democrats as he delved into an opinion he had publicly expressed since late July.
“It’s their obligation. They should be strengthened. It’s hard to be a majority. They’ll be the ones to raise the debt limit,” he said, adding, “Do you think I’m bluffing?”
McConnell insisted that the U.S. should never default on its debt payments and noted his previous support for raising the ceiling to cover the spending that Republicans and Democrats in Congress had agreed to. He said that was not the case this year, as Democrats passed a $ 1.9 trillion stimulus law over parties. They are also drafting another spending package aimed at strengthening the social safety net.
“So the only problem is, whose is it to do it? A democratic president, a democratic house, a democratic senate,” he told Punchbowl News.
McConnell’s warning threatens to amplify a dangerous confrontation between Republicans and Democrats by renewing the nation’s ability to pay its bills, known as the debt ceiling. The Treasury Department makes emergency cash payments to keep federal operations operational, buying legislators a little more time.
But if Congress does not agree to renew the debt limit on time, experts say this could disrupt financial markets and derail the economic recovery, as it would stop the U.S.’s ability to make payments from its debt. $ 28 trillion in national debt.
Democrats are pushing Republicans to raise the debt ceiling next to them, as Republican lawmakers under the Trump administration did three times.
House Speaker Nancy Pelosi recently ruled out including an increase in the debt ceiling on her social spending bill. This legislation goes through the reconciliation process that only requires a simple majority of votes and allows Democrats to avoid fierce Republican Party resistance to the legislation.
A recent note from the nonpartisan Congressional Investigation Service indicated that President Donald Trump added $ 5.4 trillion to the national debt since the debt limit was suspended in July 2019 until the end of his administration. in January 2021. The analysis has been circulating among democratic legislators.
Senate Majority Leader Chuck Schumer quoted the figures Monday as he tore up Republican resistance on the issue. “Let me be clear: taking debt as a hostage and playing with all the faith and credit of the United States is reckless, irresponsible, and will hurt every American,” he said in a Senate speech. “It’s not a complete principle.”
The debt limit is the legal limit that the Treasury Department can contract to maintain federal operations authorized by Congress. Raising the debt limit does not give the green light to new federal spending, but only allows the United States to pay for existing spending.
Democrats may add debt ceiling provision to an emergency spending bill the White House wants Congress to approve this month to fund relief efforts after Hurricane Ida and wildfires in the U.S. west of the US, along with funding to prevent the government shutdown in late September. This tactic could convince some Republicans to support the legislation.
But 46 Senate Republicans signed a letter in August pledging not to accompany Democrats when it comes to raising the debt ceiling. It is also unclear whether there would be enough Republican votes in the House.