Graham: McConnell’s debt limit deal is ‘just a mistake’
A GOP Senate source familiar with the matter told Granthshala Business that there is some outrage among Republicans over how the deal was executed, with members worrying that it may not be the best option or the best way to avert the debt crisis. There is no way. There is also a concern about the narrative that Democrats are insisting that McConnell offer a last-minute olive branch.
Sen. Lindsey Graham, R.C. “It’s an absolute dedication,” told Granthshala News’ Jason Donner on Thursday. “The argument given yesterday was, well, this may be more pressure than two Democratic senators can stand with regard to changing the filibuster rules. To me, that’s not a very good reason.”
For months, McConnell and Republicans refused to budge from their insistence that Democrats act unilaterally to suspend or raise the debt limit through the budget reconciliation process, allowing them to bypass the 60-vote filibuster in the Senate. Meets. At the same time, Democrats refused to go it alone and were adamant that there was not enough time to use reconciliation, with the US eyeing its first-ever default as of October 18.
Instead, Democrats this week began plotting to revise the filibuster to go nuclear and break the debt-limit deadlock — allowing the ceiling to be suspended with only 50 votes — giving McConnell temporarily through December. to offer an alternative route to temporarily raise the ceiling. The Kentucky Republican has been unwavering in its need to preserve the Senate filibuster.
“I think it’s just a mistake,” Graham said. “I don’t understand why we did this turn in the end, because all you’re going to do is encourage his people. And I’m not going to risk being turned to filibuster every time we fight. Happens. I didn’t when we were in charge. If they want to replace Filbuster, change it.”
Former President Donald Trump also slammed McConnell, saying in a statement that the GOP leader had “reunited Democrats.”
Top Senate Democrats and Republicans announced Thursday that they have reached an agreement to prevent a default on the national debt. The deal would raise the legal debt cap to $480 billion, which the Treasury Department estimates will be enough to allow the government to continue lending until December 3.
NS current limit That’s about $28 trillion as of August 1.
“McConnell bowed out,” Sen. Elizabeth Warren, D-Mass., told reporters Wednesday. “And now we are going to spend our time looking after children, health care and fighting climate change.”
Still, the deal does little to resolve the wide-ranging standoff between the two sides over debt and possibly sets up another showdown for the end of the year – coinciding with the exhaustion of government funding.
McConnell has also not dropped his demand that Democrats use conciliation to eventually extend the limit beyond December.
McConnell said on the Senate floor, “The path that our Democratic allies have taken will protect the American people from any near-term crisis, while certainly solving the majority’s excuse that they have a 304 reconciliation process.” There is paucity of time to address the debt ceiling through “There won’t be any questions now, they’ll have plenty of time.”
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If the US fails to raise or suspend the debt limit, it will eventually have to temporarily default on some of its obligations, which could have serious and negative economic effects. Interest rates are likely to rise, and demand for treasuries will decline; Even the risk of default can drive up the cost of borrowing.
Granthshala Business’ Hilary Vaughan and Granthshala News’ Jason Donner contributed to this report