News

Live update: National Assembly votes on debt ceiling



Congress has struggled to find a way to resolve the debt limit over the past few months.

In October, lawmakers approved a short-term debt extension to December after Democrats and Republicans reached a deal to avert economic disaster after weeks of partisan stalemate on the issue. .

The extension was approved after Republicans first argued that Democrats should act alone to address the debt limit through a process known as budget reconciliation. Democrats rejected that idea, arguing that the issue was a bipartisan responsibility and that the process would be too long and unwieldy, leaving the risk of miscalculation too high.

But Senate Minority Leader Mitch McConnell alert President Biden in October in a letter that Democrats should not expect Republicans to help again.

Democrats, however, stood firm and continued to resist pressure from Republicans to pursue a debt limit settlement through a lengthy mediation process in the weeks that followed. .

Earlier last week, McConnell dismissed the idea that by brokering a new deal to prevent default with Democrats, he reversed his earlier position by saying Republicans would doesn’t help Democrats solve this problem.

“The red line is intact. The red line is you have a simple majority, partisan vote on the debt ceiling. That’s exactly where we’re going to end up,” he said last Tuesday.

“I think it’s in the best interest of the country by avoiding default,” McConnell said. “I think it’s also in the best interest of the Republicans.” “I believe we have reached a resolution to the debt ceiling that is consistent with the Republican position of raising the debt ceiling for this amount at this particular time and allowing the Democrats to proudly own the debt. own it, which they are happy to do.”

Why is this important: Treasury Secretary Janet Yellen has warned of possible debt limits reached on December 15 – otherwise the US would suffer financial disaster and default on its debt for the first time.

The legislative gymnastics to avoid a default underscores how Republicans in particular wish to avoid both economic disaster and the backlash for voting politically maliciously on raising the borrowing limit.

Read more about the debt ceiling plan here.

.



Source link

news7h

News7h: Update the world's latest breaking news online of the day, breaking news, politics, society today, international mainstream news .Updated news 24/7: Entertainment, Sports...at the World everyday world. Hot news, images, video clips that are updated quickly and reliably

Related Articles

Back to top button