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Chuck Schumer Sets Wednesday Vote To Suspend The Debt Ceiling

Senator Majority Leader Chuck Schumer said Monday that the vote to suspend debt ceiling would take place 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

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U.S. Are Broke

For Democrats to move forward with the suspension of the debt ceiling, they will require 60 votes. This would be in effect until December 2022.

For this to occur in the 50-50 Senate it would take 10 Senate Republicans to separate.

This is something that few people, if any, expect to see 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 temporarily suspend the debt ceiling after the 2022 midterm elections.

Auch Monday’s Senate Minority Leader Mitch McConnell stated that Democrats could raise the debt ceiling. 

Republicans are now blocking Democrats twice from passing a suspension of the debt ceiling. 

McConnell said on the Senate floor, “The majority needs to stop sleepwalking toward yet another preventable crisis. Democrats need to tackle the debt limit.”

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McConnell On Democrats: ‘We Gave Them A Road Map And Three Months’ Notice’

“We gave them a road map and three months’ notice,” McConnell added. “I suggest that our colleagues get moving.”

So far, reconciliation has been ruled out by the Democratic leadership. 

Some Democrats however have indicated they will consider the process, if necessary.

Moderate Democratic Sen. Joe Manchin told reporters on Monday, “There’s a couple other tools that we have that we can use. This takes some 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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