Senate Minority Leader Mitch McConnell walks to his office at the U.S. Capitol on Oct. 6 in Washington, D.C. Without congressional action to raise the $28.4-trillion debt limit, the Treasury Department has forecast that it will run out of ways to meet all its obligations by Oct. 18.The U.S. Senate postponed a vote to head off a federal debt default on Wednesday as Democrats considered a Republican proposal that could potentially defuse the partisan standoff that threatens the broader economy.
“We will ... 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.“That sounds like a terrible idea,” said Senator Chris Murphy. “It sounds like more games from Senator McConnell.”If Democrats go along with the proposal, they would have to address the issue again in December, just as federal funding is due to expire.
A more telling indication of investor relief was evident in the U.S. Treasury market, which would be directly affected by a U.S. default. Rates on 1-month T-bills – the securities most likely to be impaired by a failure of the government to pay interest or principal on the debt immediately after the deadline – dropped sharply in an indication that investors were again willing to buy them.
I would make that deal if he agrees to resign immediately and never have any role in government ever again.
too much American crap and really divisive stupid articles lately. so I cancelled my subscription. Dont need non-Canadian and non-Canadian values shit.