Treasury Secretary Janet Yellen has warned of the consequences of not raising the debt limit by October 18, as the U.S. would enter a scenario in which it could not pay its debt obligations, something that has never happened before.McConnell had so far refused to go along with a stand-alone, longer-term debt limit increase, holding the threat of a filibuster that requires a 60-vote threshold for such a measure to make it to the floor.
Instead, McConnell has been insistent that Democrats raise the debt limit through a process known as reconciliation, something that would require only a majority vote. But it would likely mean that a dollar amount would have to be attached to the debt increase, something that Democrats fear would be used against them in next year’s midterm elections.
At the White House, Biden gathered a group of CEOs, telling them, “Our Republican friends need to stop playing Russian-roulette with the U.S. economy.” Among those at the meeting were JP Morgan Chase CEO Jamie Dimon, Bank of America CEO Brian Moynihan and Citi CEO Jane Fraser. Republicans, though, want to send a message about the debt limit, linking it to Biden’s social spending proposals, the latter of which they regard as reckless. That legislation, with a cost of about $3.5 trillion, applies to future spending, while lifting the debt limit is required to pay off existing government outlays.
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Senate GOP leader McConnell may offer short-term debt ceiling extension following pressure from BidenPresident Joe Biden and Democratic leaders in Congress amped up pressure on Republicans to act on the debt limit. This guy was in the sequel to Silence of Lambs “Hannibal” and they ate his face! The pressure is that we CANNOT default, & everyone would suffer regardless of party if we do not raise it, lose-lose
Source: CNBC - 🏆 12. / 72 Read more »
McConnell says Republicans will not block a debt limit extension into DecemberJUST IN: Senate Minority Leader McConnell says he will support a debt limit extension into December to give Democrats more time to enact a long-term solution on their own. I think it is worth noting his extension offer has additional attachments to harm Democrats. The Democrats cooperated with the Republicans that allowed them to raise the debt ceiling three times. But now the Republicans refuse to cooperate! That needs to printed on the front pages of all newspapers and other outlets! MaddowBlog Hell no Joe!!! We can't keep putting a bandaid on a gushing wound and set surgery up in a few months. What Mitch is pitching Is a foul don't swing at it!!
Source: NBCNews - 🏆 10. / 86 Read more »
McConnell offers extension on U.S. debt ceiling into DecemberWASHINGTON (Reuters) -Top U.S. Senate Republican Mitch McConnell on Wednesday said his party would support an extension of the federal debt ceiling into December, a move that would head off a historic default with a heavy economic toll. That could provide an off-ramp to a months-long standoff between President Joe Biden's Democrats and McConnell's Republicans, who were expected to block on Wednesday a third attempt by Senate Democrats to raise the $28.4 trillion debt ceiling. 'To protect the American people from a near-term Democrat-created crisis, we will also allow Democrats to use normal procedures to pass an emergency debt limit extension at a fixed dollar amount to cover current spending levels into December,' McConnell said in a statement on Wednesday. Only because there was serious talk to make changes to the filibuster. That's an about face - but which face?
Source: YahooNews - 🏆 380. / 59 Read more »
Democrats Must Raise the Debt Limit to a Quadrillion DollarsInstead of trying to win a staring contest with Mitch McConnell, Democrats should use reconciliation to (effectively) abolish the debt ceiling.
Source: NYMag - 🏆 111. / 63 Read more »
Analysis: What Mitch McConnell is betting onSo what is McConnell doing? Simple: playing politics. What he's betting on is this: Democrats control the White House, the Senate and the House. Knowing that, voters will put blame on Democrats if the debt ceiling isn't raised. | Analysis by ChrisCillizza ChrisCillizza Nance chose to tie the debt ceiling to the 5 trillion + pork bills to force Republicans to support it. She can undo that whenever she wants. Nance is playing politics. The dems control both houses. This isnt hard to understand. Even at cnn. ChrisCillizza 🐍🕳️ ChrisCillizza He’s willing to harm the country for politics
Source: CNN - 🏆 4. / 95 Read more »
U.S. Companies Pick Up Adoption of Libor Alternative SOFRMajor U.S. companies are dumping the London interbank offered rate ahead of a year-end deadline for abandoning the troubled short-term interest-rate benchmark Free ~20-40bps for all our short term lenders.
Source: WSJ - 🏆 98. / 63 Read more »