Senate agrees to lift debt limit by December
Praying for Republicans was an even more risky game for Democrats, given the stakes. If, for the first time, the US government fails to meet its obligations to international lenders, its role as a safe harbor investment of the world economy will be questioned. Interest rates are likely to rise sharply, and global financial institutions will begin to look for new vehicles to store money where it will not be subject to the whims of partisan politics.
“We are not asking them to blink; We’re asking them to be a little fair,” Senator Angus King, a centrist independent from Maine, said of Republican leaders. “The political benefits of this seem to me as little. The damage to the country makes me extraordinarily great.” Seems like more.”
Understand the US date ceiling
What is the loan limit? A debt limit, also called a debt limit, is a limit on the total amount that the federal government is authorized to borrow through U.S. Treasury bills and savings bonds to meet its financial obligations. Since the US is in a budget deficit, it will have to borrow huge sums of money to pay its bills.
Republican hurdles on borrowing limits forced Democrats last week to strip debt-limit increases from a mandatory spending bill to prevent a government shutdown. And Mr McConnell refused to allow Democrats to vote unilaterally.
“Democratic leaders do not want a solution,” Mr McConnell said on the Senate floor on Wednesday. “They want to turn their failure into everyone’s peril, playing risky games with our economy, using manufactured drama to bully their own members, playing petty politics instead of governing.”
Top Democrats have since dropped their insistence that Republicans join bipartisan support for raising statutory caps on the government’s ability to borrow to meet its financial obligations. In return, they want Mr McConnell to honor his demand that Democrats raise the ceiling alone – either by agreeing to vote or by providing 10 Republican votes to break the filibuster.
Senator Chuck Schumer of New York, Majority Leader, “We have already given Republicans many opportunities to do what they say they want, including offering a simple majority vote, so that Democrats can limit debt on their own.” to suspend it.” , said on Wednesday. “But every time, Republicans have chosen to handicap.”
While top Republicans have said that most of their members would privately support allowing Democrats to proceed on their own, they are unwilling to vote publicly that way, and any senator can object and Can force you to vote.
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