Mitch McConnell says 'America must never default' as he doubles down on the GOP refusing to help Democrats raise debt ceiling
- McConnell says the US shouldn't neglect its debt obligations while insisting Republicans won't back raising the
- He says Democrats can raise it on their own, which they have shot down.
- Treasury Secretary Yellen warned of a potential default in October that could cause "irreparable damage" to the
"America must never default," the Kentucky Republican said in an interview with the Louisville Courier-Journal published Thursday.
He went on: "The debt ceiling needs to be raised. The issue is who should do it. And under these uniquely unprecedented circumstances, it's their obligation to do it. And they have the votes to do it, and they will do it."
McConnell's remarks underscored the brewing resistance among Republicans on renewing the nation's ability to pay its bills, known as the debt ceiling. The vast majority of Senate Republicans and a sizable portion of GOP lawmakers in the
The GOP is on course to break with its past approach under President Donald Trump, given they struck deals with Democrats to raise or suspend the debt ceiling three times during his term. But a 2011 budget showdown between
House Speaker Nancy Pelosi said Wednesday that Democrats will not include a debt ceiling increase in the $3.5 trillion party-line spending bill they're pushing through the reconciliation process. That path requires only a simple majority vote.
"We Democrats supported lifting the debt ceiling because it's the responsible thing to do," she said at a press conference, adding Congress would be paying off "the Trump credit card"
"I would hope that the Republicans would act in a similarly responsible way," she said.
Democrats may add the debt ceiling measure onto an emergency spending bill the White House wants Congress to approve to finance relief efforts after Hurricane Ida and a string of wildfires, and avert a government shutdown at the end of September. That tactic could persuade some Republicans to support the legislation.
The debt ceiling is the legal limit that the US can borrow to maintain federal operations, set by Congress. It was last suspended for two years in July 2019. Raising the
Treasury Secretary Janet Yellen has urged lawmakers since June to raise the debt ceiling. But Congress barreled past a July 31 deadline to do so and the Treasury Department jumpstarted what it calls "extraordinary measures" to pay off the nation's bills for a short period of time.
Yellen warned Wednesday the US could default on its debt sometime in October if lawmakers don't act before then, a month earlier than expected.
"A delay that calls into question the federal government's ability to meet all its obligations would likely cause irreparable damage to the U.S. economy and global financial markets," she said in a letter to Congress.
- Zoho's ManageEngine to hire 1,000 people this year as part of expansion plans
- Goa has the highest car ownership in India, check out the states with highest and lowest car ownership
- Vivo X80 Pro vs OnePlus 10 Pro: Price, specifications and features compared
- Navjot Singh Sidhu gets one year in jail in the 1988 road rage case
- After Luna, Shiba Inu may be the next memecoin to go bust, according to experts
- Delhivery IPO allotment
- Reliance Retail
- Indian Rupee
- Reliance JIO
- Best Deal on Smartphones
- Unacademy offline Classes
- Hubble Space
- 5G Phones Under Rs. 20000
- Disney+hotstar Subscribers
- Reliance Industries
- Venus Pipes Tubes IPO
- Matheesha Pathirana
- Adani Green
- Paradeep Phosphates balance sheet
- Spam Calls in India
- Whatsapp Reaction