Schumer warns U.S. is getting ‘dangerously close’ to hitting debt ceiling

WASHINGTON — Senate Majority Chief Chuck Schumer on Tuesday warned that the US is getting “dangerously shut” to hitting the debt restrict, which might result in a default on the nation’s debt.

Talking on the Senate flooring, the New York Democrat stated that lawmakers would maintain a procedural vote Wednesday that will permit Democrats to lift the debt ceiling on their very own — as Republicans have demanded.

Schumer stated that the vote is an opportunity for some Republican senators to point out that they don’t must “hyperlink arm in arm with these excessive members of their convention working for president.”

“They’ve an opportunity to point out that they’re nonetheless accountable,” he stated. “It isn’t too late, but it surely’s getting dangerously shut.”

The bulk chief stated Monday that Congress should move laws that will elevate the debt ceiling by the top of the week.

Treasury Secretary Janet Yellen stated Tuesday that Oct. 18 is the deadline earlier than the U.S. “will likely be out of extraordinary measures, have restricted money, and more likely to exhaust it in a short time.” She warned {that a} default might plunge the U.S. economic system right into a recession.

Senate Republicans are refusing to elevate the debt restrict. Minority Chief Mitch McConnell, R-Ky., helps elevating the restrict, because the Senate did in 2017 when he was majority chief, however has stated that Democrats have to deal with the difficulty on their very own with out the assistance of GOP lawmakers. Final week, Senate Republicans blocked a vote on a authorities funding invoice provided by Democrats as a result of it included a debt ceiling extension.

Sen. Ted Cruz, R-Texas, stated in a separate interview on CNBC on Tuesday that Democrats “can, at any time they need, elevate the debt ceiling. They’ll do it utilizing solely Democratic votes beneath price range reconciliation.”

“There’s not going to be a default. Schumer is aware of that, Biden is aware of that, Pelosi is aware of that. However they need to play political video games first,” he stated.

Sen. Raphael Warnock, D-Ga., stated on MSNBC’s “Morning Joe” on Tuesday that Republicans are “making an attempt to confuse and conflate the difficulty” of the debt restrict.

“However the American persons are sensible. They know that after they get payments that they’ve determined to incur, they must pay them. And we must pay the payments,” he stated. “The very last thing this economic system wants as we claw our manner out of a pandemic is to ship the entire economic system right into a tailspin.”

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