Senate Republicans, particularly high-ranking members like Judiciary Committee Ranking Member Chuck Grassley and Minority Leader Mitch McConnell, stay adamant that they will not assist Democrats elevate the debt ceiling even because the October deadline when the United States will default on its debt is quick approaching.
“If they have 50 votes for raising the debt limit and they’re in the majority… Why do they think Republicans ought to be involved when they’re in the majority?” Grassley, R-Iowa, advised Fox News. “They want to spend this four and two tenths trillion – that’s one of the reasons why it’s got to go up so much – and no Republicans in favor of their programs. Why would we help them to get room in the debt limit to increase their budget.”
Forty-six Senate Republicans signed a letter final month vowing that they will not present votes to assist elevate the debt ceiling in protest of Democrats’ huge spending plans, most notably their reconciliation invoice.
They say Democrats should elevate the debt restrict both within the reconciliation invoice itself or by a separate reconciliation car, as a result of the GOP will not assist them so long as the bulk remains to be attempting to go trillions extra in spending alongside celebration strains.
Democrats need a bipartisan invoice to boost the debt ceiling. Their plan as of now’s to incorporate the debt ceiling enhance in a authorities funding invoice later this yr. Majority Leader Chuck Schumer, D-N.Y., accused Republicans of “playing dangerous political games” with the debt restrict. And he stated he believes Republicans will cave and “it will ultimately be done in a bipartisan way,” partly as a result of enterprise pursuits might stress them to get on board.
But an adamant Grassley, when requested Tuesday whether or not he thinks Democrats are going to cave, did not really feel the necessity to speculate. Democrats are going to have to boost the debt restrict on their very own, he stated.
“When they’ve got 50 votes, if they’re going to spend this four-and-two-tenths trillion, they’ll have to have the 50 votes to do it or they aren’t getting anything,” Grassley stated. “So why are they coming to us, I don’t understand it?”
“They might get some Republican support if they don’t spend this four-and-two-tenths trillion dollars. That’s baked into this whole thing,” Grassley added. “They want us to make room for them to spend money for programs we aren’t for. If they want to get rid of that stuff they might get some Republican support.”
McConnell, R-Ky., struck a equally defiant tone on the Senate flooring Tuesday, indicating that the GOP is very unlikely to cave on the place it staked out just over a month ago.
“This isn’t the last four years, when we were reaching bipartisan government funding agreements, bipartisan appropriations, and bipartisan COVID bills,” McConnell stated. “Democrats are making different choices. They want to make policy all by themselves. So they can come up with the financing on their own as well.”
Treasury Secretary Janet Yellen stated in a letter earlier this month that the Treasury Department’s “extraordinary measures” to forestall default after the suspension of the debt restrict expired on July 31 are anticipated to expire in October.
If that occurs it might have dire ramifications for the financial system. The final time that the U.S. even got here near defaulting its credit standing was downgraded.
But Schumer appeared to depart the door open to Democrats elevating the debt restrict by way of reconciliation if Republicans nonetheless aren’t caving because the deadline will get nearer.
“We are discussing the entire choices with the president and with Speaker [Nancy] Pelosi,” Schumer stated.