Schumer says he thinks the GOP will eventually vote for an increase in the debt limit, but is ‘discussing all options’ if they don’t.
Senate Republicans, especially high-ranking members of the Judiciary Committee, such as ranking member Chuck Grassley and minority leader Mitch McConnell, are adamant they won’t help Democrats raise the debt limit, even as of October’s The deadline is approaching when the United States will default on its debt.
“If they have 50 votes to raise the debt limit and they are in the majority… why do they think Republicans should get involved when they are in the majority?” Grassley, R-Iowa told Granthshala News. “They want to spend this four and two tenths of a trillion – that’s one reason why it has to go up so much – and no Republican is in favor of their programs. Why would we help them to increase the space in the debt ceiling. Budget ”
Forty-six Senate Republicans signed a letter last month saying they would not vote to help raise the debt limit in opposition to Democrats’ massive spending plans, specifically their reconciliation bill.
They say that Democrats should raise the debt limit either in a reconciliation bill or through a different reconciliation vehicle, as the GOP will not help them unless a majority still passes trillions in spending along party lines. trying to do.
Democrats want a bipartisan bill to raise the debt limit. So far they plan to include the loan limit increase in a government funding bill later this year. Majority Leader Chuck Schumer, D.N.Y. accused Republicans of “playing a dangerous political game” with debt limits. And he said he believes Republicans will cave and “it will eventually be done in a bipartisan way,” partly because business interests may pressure him to get on board.
But an adamant Grassley, when asked on Tuesday whether he thinks Democrats are going to cave in, didn’t feel the need to speculate. He said that the Democrats will have to raise the debt limit on their own.
“When they’ve got 50 votes, if they’re going to spend this four and two-tenths of a trillion, they must have 50 votes to do it or they’re not getting anything,” Grassley said. “So why are they coming to us, I don’t understand?”
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“They might get some Republican support if they don’t spend this four and two-tenths of a trillion dollars. It’s baked into this whole thing,” Grassley said. “They want us to make room to spend money for programs we don’t belong to. They might get some Republican support if they want to get rid of that stuff.”
McConnell, R-Ky., hit the Senate floor on Tuesday in a similarly defiant tone, indicating the GOP is unlikely to heed the position it had at stake. just a month ago.
“It is not the last four years that we were reaching bipartisan government funding agreements, bipartisan appropriations and bipartisan COVID bills,” McConnell said. “Democrats are making different choices. They all want to make the policy themselves. So they can come up with the financing themselves.”
Treasury Secretary Janet Yellen said in a letter earlier this month that the Treasury Department’s “extraordinary measures” to prevent default after the suspension of debt limits that ended July 31 are expected to expire in October.
If this happens, it will have a serious impact on the economy. The last time the US came close to defaulting its credit rating was downgraded.
But Schumer left the door open for Democrats to raise the debt limit through reconciliation if Republicans still aren’t approaching the deadline.
“We are discussing all options with the President and the President [Nancy] Pelosi,” Schumer said.