Schumer: Debt Ceiling Has To Be Raised NOW

As the U.S. Government considers the possibility that it may not make its debt payments, and thus, it might actually default on its debt for the first time in the history of the nation–one powerful Democrat is finally admitting the truth; the Democrats themselves have the ability to prevent such a catastrophic event by raising the debt ceiling on their own.

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Senate Majority Leader Chuck Schumer (D-NY) indicated Tuesday that Democrats are willing to take matters into their own hands. “Last night—I filed cloture on legislation passed by the House to suspend the debt ceiling, and tomorrow—the Senate will vote on moving forward.”

“We’re working to bring this GOP-manufactured debt-ceiling crisis to a swift end,” he said, “and avoid irreparable economic harm to people & families.”

While the political finger pointing is likely to continue, the reality is (as Schumer indicated) Democrats can manage this challenge on their own and fortunately, for the economic health of the nation, seem to be recognizing that reality.

To make the debt payments and meet the country’s obligations, Democrats will need to raise the national debt limit–also known as the debt ceiling.

So far, Democrats have refused to do this on their own and, instead wanted Republicans to raise the debt ceiling in conjunction with them in a bi-partisan way.

Republicans have dug in their heels, however, insisting that if the Democrats want to increase the national debt to fund trillions more in federal spending, then, they can do it all by themselves. The Democrats hold the majority in Congress and are therefore capable of raising the debt limit through the reconciliation process.

In a letter to the White House on Monday, Republican Leader Sen. Mitch McConnell sent a letter to President Joe Biden this week laying out his position and stressing his concern that Democrats might lead us into something that could be economically disastrous.

“As you and I know from shared Senate experience, this is not unusual,” McConnell wrote in the letter. “The debt limit is often a partisan vote during times of unified government. In 2003, 2004, and 2006, Mr. President, you joined Senate Democrats in opposing debt limit increases and made Republicans do it ourselves. You explained on the Senate floor that your ‘no’ votes did not mean you wanted the majority to let the country default, but rather that the President’s party had to take responsibility for a policy agenda which you opposed. Your view then is our view now.”

He went on to make clear Republicans are not needed to raise the debt limit.

“There is one difference between then and now: Leader Schumer requested and won new powers to repeatedly reuse the fast-track, party-line reconciliation process,” he added. “As a result, Senate Democrats do not need Republican cooperation in any shape or form to do their job. Democrats do not need our consent to set a vote at 51 instead of 60. Nonpartisan experts confirm that Senate Democrats have every necessary tool to pass a standalone debt limit increase through reconciliation and enough time to do it before late October. As I have warned for months, this is the path they will need to take.”

President Biden, meanwhile, said Monday that he couldn’t guarantee the U.S. wouldn’t default on its debt.

Biden: ‘I Can’t Guarantee’ U.S. Won’t Default – ‘If I Could, I Would’

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