President Joe Biden is working on a resolution to raise or suspend the debt limit as Republicans resist his calls to vote for the measure.
The bill would require the support of at least 10 Republicans. Without those 10 votes, the U.S. economy could suffer grave consequences, potentially forcing the government to cut back on Medicare benefits and Social Security checks. Democrats could pass the increase without Republicans by using the so-called budget reconciliation bill that only requires a simple majority.
Senate Minority Leader Mitch McConnell recently announced that his party would not support raising the debt limit.
“The debt limit is a function of bills that Congress has already passed, already wrapped up,” said White House National Economic Council director Brian Deese. “Even if Congress took no future action ever, did nothing else in the future, Congress would have to raise or suspend the debt limit because it’s a reflection of actions already taken.”
Democratic senators are sounding the alarm that the debt limit could be breached soon. “With everything from COVID to Afghanistan to the weather incidents, the idea that we would self inflict another blow to our country right now and even putting in potential jeopardy the full faith and credit of the United States would be crazy,” Sen. Mark Warner (D-Va.) said. “Do you really want to vote for shutting down the government, not giving aid to people who are the third of Americans who’ve had weather affect [them] and mess with the full faith and credit of the United States all in one vote? I hope not.”
