Senate moves forward on raising debt ceiling by $2.5T
“Accountable governing has received on this exceedingly vital challenge,” Schumer mentioned on the Senate ground Tuesday. “The American individuals can breathe simple and relaxation assured there is not going to be a default.”
The measure would enhance the debt restrict by $2.5 trillion, a sum anticipated to final into 2023 with out the necessity for one more vote to lift the borrowing cap. That might get Democrats by the midterm elections subsequent 12 months earlier than having to hike the ceiling once more.
Whereas Schumer famous that motion to lift the nation’s borrowing cap “is about paying debt gathered by each events,” Republicans proceed to characterize the debt restrict enhance as a manner for Democrats to facilitate extra deficit spending, which GOP lawmakers say will drive additional inflation.
“Washington Democrats’ printing, borrowing and spending habit is straight hurting American households,” McConnell mentioned on the ground Tuesday. “They need to reply to a shocking inflation report by printing, borrowing and spending trillions upon trillions extra on new entitlements and far-left packages.”
The Kentucky Republican pinned duty for raising the nation’s borrowing restrict on his counterparts throughout the aisle. However the minority chief helped facilitate the debt restrict enhance by providing sufficient Republican assist to grant Democrats a one-time reprieve from the filibuster to allay the debt challenge, a measure that handed the Senate with 14 GOP votes final week.
“Later at this time, each Senate Democrat goes to vote on celebration strains to lift our nation’s debt restrict by trillions of {dollars},” McConnell mentioned. “In the event that they jam by one other reckless taxing-and-spending spree, this large debt enhance will simply be the start.”
