(UnitedReader.com) – With a deadline on raising or suspending the debt limit looming soon, lawmakers are under pressure to find a solution. Republicans don’t support raising or suspending the national deficit, and Democrats don’t want to do it without bipartisan support.
Senate Majority Leader Mitch McConnell (R-KY) and his fellow Republicans have made their position on the matter clear. They have told their Democratic counterparts to deal with the debt limit through budget reconciliation, similar to their proposal on the $3.5 trillion infrastructure plan. Democrats aren’t interested in taking McConnell up on that idea.
JUST IN: Pelosi, Schumer rule out raising debt limit through reconciliation https://t.co/zrEfLjjXKn pic.twitter.com/6ovezLTRjz
— The Hill (@thehill) September 29, 2021
Speaker of the House Nancy Pelosi (D-CA) and Senate Majority Leader Chuck Schumer (D-NY) say they won’t include raising the debt limit in reconciliation. So while President Biden signed legislation to fund the government until December 3, avoiding a shutdown, Congress still needs to develop a long-term plan to deal with the national debt limit.
The Democratic-led House already passed a bill to suspend the nation’s debt ceiling until December 2022, but that bill is likely to die in the Senate as Republicans have already vowed not to support it. According to Janet Yellen, US Treasury Secretary, the US will default on its debt if Congress doesn’t act before October 18.
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