On Monday, Senate Majority Leader Chuck Schumer announced that a vote to suspend the debt ceiling will happen on Wednesday.
Schumer’s announcement comes during a time when there has been major disagreement in Congress over the United States’ borrowing limit, and the Democrat majority are attempting to pass several multi-trillion dollar spending bills.
Democrats will need 60 votes to avoid a filibuster and move ahead with suspending the debt ceiling. This suspension would last through December 2022.
Ten Senate Republicans would have to break ranks for this to happen in the 50-50 Senate.
Few if any expect that to happen.
The Hill reports that the federal government’s financial situation is already in dire straits – “Though the debt ceiling kicked back in on Aug. 1, the Treasury Department has been using extraordinary measures to keep the country solvent since then.”
Schumer said on the Senate floor on Monday, “Before the end of this week, the Senate must — must — get a bill to the president’s desk to address the acute crisis of the debt limit.”
“Even a near-miss can have dramatic consequences —every single day we delay taking action, we increase the chances of doing irreversible damage to our global financial system, our economic recovery and trust in our country’s ability to pay its debts,” Schumer said.
The Democrat bill would suspend the debt ceiling until after the 2022 midterm election.
Also on Monday, Senate Minority Leader Mitch McConnell said again raising the debt ceiling was up to Democrats.
Republicans have now blocked Democrats twice from passing a debt ceiling suspension.
McConnell said on the Senate floor, “The majority needs to stop sleepwalking toward yet another preventable crisis. Democrats need to tackle the debt limit.”
“We gave them a road map and three months’ notice,” McConnell added. “I suggest that our colleagues get moving.”
Thus far, Democratic leadership ruled out using reconciliation.
But some Democrats have said they are willing to consider this process if they are unable to use another method raise the debt ceiling.
Moderate Democratic Sen. Joe Manchin told reporters on Monday, “There’s a couple other tools that we have that we can use. Takes a little bit of time. It’s going to be a little bit of pain, long vote-a-ramas.”
President Biden blamed Republicans for the upcoming debt deadline, saying, “Not only are Republicans refusing to do their job, they’re threatening to abuse the power, their power, to prevent us from doing our job saving the economy from a catastrophic event.”
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