Photo: Drew Angerer/Getty Images Congressional Democrats are about 48 hours away from staking the stability of the global financial system on Mitch McConnell’s capacity for shame.
No one wants this. Or at least, no significant constituency in the United States does. Chuck Schumer, Joe Manchin, Alexandria Ocasio-Cortez, and Mitch McConnell — all want the debt ceiling raised. The Republican Senate Minority Leader has described a potential default as a “crisis” that the government is duty bound to avoid. And Congress can honor that duty by taking a quick up-or-down vote.
The aim of this obstruction is to force Democrats to raise the debt limit through the budget reconciliation process. Passing a debt-limit hike through a reconciliation bill is a bit of an ordeal. The process requires Democrats to pass a new budget resolution and then a new budget reconciliation bill — both of which would be subject to unlimited votes on amendments in the Senate.
Democrats’ indignation over this state of affairs is justified. But allowing grievance to dictate governance is not. Passing a debt-limit hike through reconciliation is burdensome. But it’s nothing compared to presiding over a default. Democrats could save themselves the hassle of reconciliation by amending the Senate’s rules: With 51 votes, the party could declare that debt-ceiling bills cannot be filibustered. But Joe Manchin said Monday night that he would not support such a carveout.
I think both these outcomes are plausible. But given the stakes, plausible isn’t good enough. And in any case, if this standoff goes down to the wire, that could drive up interest rates all by itself.
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Factbox: How could U.S. Senate Democrats raise the debt limit on their own?The U.S. Congress has about two weeks to raise the federal government's $28.4 trillion debt ceiling or cause a historic default that would take a heavy toll on the economy. You mean the same Democrats who blocked for 4 years, then reversed every legislation the previous government did as soon as getting into Office? Set a good precedent didn't they. Do they think everyone has forgotten?
Source: Reuters - 🏆 2. / 97 Read more »
Factbox-How could U.S. Senate Democrats raise the debt limit on their own?Minority Republicans want the Senate to use a parliamentary maneuver known as budget reconciliation, which would allow Democrats to act without Republican votes. Majority Leader Chuck Schumer has resisted that approach, preferring the measure to pass in regular order. Maybe they should take some of the money from the bloated military budget. Duh. Maybe Democrats could use their majority and vote on raising the debt ceiling via reconciliation or end the 2/3 majority rule and then kill the debt ceiling itself. Democrats are in charge and unstoppable.
Source: YahooNews - 🏆 380. / 59 Read more »
Effort to raise debt limit resets after Senate GOP blocks weeks from defaultHouse Democrats are continuing efforts to raise the debt ceiling in order to avoid the U.S. from defaulting on the national debt. Trump & Trumplicans' aim is to sow the seed of doubt in people's minds so that they slowly begin to distrust almost everything & thru the distrust slowly create a state of chaos & confusion to divert the people's attention away from their intention to tear America apart. When Trump & his supporters only listen to the lies they tell themselves & one another & the lies are the ties that bind them then 'hitting bottom' & only then will they open their eyes to the lies they have told themselves & to others. Lies are their cunning baffling addiction. Strip away Trump's Talibanization of America!
Source: Newsweek - 🏆 468. / 52 Read more »
U.S. Senate Democrats plan debt-limit vote after Biden hints filibuster could goSenate Democrats are set to try again on Wednesday to extend the U.S. government's borrowing authority to head off a catastrophic default, after President Joe Biden suggested they could change the chamber's rules to bypass a Republican roadblock. NO MANDATE from the American people for this Socialism. NONE!! How did our Centrist nation fall under the spell of an ultra-Left group that admires Communist regimes like Cuba, loathes Israel – the only democracy in the Middle East and one that does not pay terrorists to kill their enemies – and wants to bring cradle-to-grave welfare here Biden and his Team plus Democrats and the Left's poor policies have created crisis after crisis: BIDEN FAILING AMERICA -Covid Failure -Jobs crisis -Energy Crisis -Inflation Crisis -Border Crisis -Afghanistan Crisis -Confidence crisis -Iran Screw up What's next?
Source: Reuters - 🏆 2. / 97 Read more »
Biden: ‘I can’t’ guarantee U.S. won't hit debt limitBiden said Monday that he could not guarantee that the federal government will not default on debt payments due later this month. “I don't believe that. But can I guarantee it? If I could, I would, but I can't,” the president said. Hey Politico - its called Honesty Not something you guys would be familiar with Actually, he said it's up to McConnell and that he didn't think it would come to that but couldn't guarantee it. He said if he could, he would. Hmm...maybe the guy who said all media outlets are trying to help Republicans crash the whole country is right?
Source: politico - 🏆 381. / 59 Read more »
Biden calls out Republicans for refusing to help raise debt ceilingPres. Biden delivers remarks on debt ceiling: “Republicans in Congress raised the debt three times when Donald Trump was president and, each time, with Democratic support. But now, they won’t raise it.” How about we LOWER the limit instead? Stop spending. So it's all Trumps agenda and non of that debt is corona vaccine research and stimulus checks, Roger that!
Source: ABC - 🏆 471. / 51 Read more »