It's Clear: Democrats Don't Take McConnell's Debt Ceiling Threat Seriously
Republican leader, himself, has previously warned that failing to raise the debt ceiling would harm the US economy and kill jobs
With the Senate turning quickly to moving forward with the Democrats' sprawling $3.5 trillion spending package, Senate Minority Leader Mitch McConnell has already played the only card he holds to try to stop the legislation — which Democrats are advancing under a procedure which cannot be filibustered.
However, it's clear that Democrats — excited to pass a spending package which its architect has described as the most consequential legislation since the New Deal — are happy to call the Kentucky Republican's bluff on this one.
The Democratic spending plan is designed to reduce the cost of living for Americans, cut taxes for working- and middle-class Americans, create jobs, tackle climate change and expand services available through Medicare.
Democrats plan to pay for this new spending by raising taxes on the very wealthy and large corporations.
Although Democrats found enough common ground with Republicans from which to fashion the bipartisan infrastructure plan which just cleared the Senate, Republicans are entirely opposed to the $3.5 trillion package.
Since Senate Democrats are proceeding with their $3.5 trillion package under “reconciliation,” Republicans are powerless to filibuster the effort.
Instead, McConnell played just about the only other option open to him to try to stop the measure: he threatened that, if Democrats proceed with their spending, Republicans wouldn't support the next required increase in the federal debt ceiling.
The federal government occasionally must increase the debt ceiling, which allows the government to finance existing legal obligations that Congresses and presidents of both parties have made in the past.
Raising the debt ceiling was once a pro forma action for legislators; however, in more recent years some lawmakers have begun using it as a sort of political blackmail.
However, if Congress were ever to fail to raise the debt ceiling as needed, the US government would eventually default on its existing debts which would throw the overall economy into tumult.
McConnell took to the Senate floor Monday to issue his threat against the debt ceiling.
It's perfectly clear that Democrats are willing to call his bluff, based on how White House press secretary Jen Psaki responded to the threat Tuesday during her regular daily press briefing.
“Congress has raised or suspended the debt limit approximately 80 times. In fact, Congress has raised the debt limit more times under Republican presidents than under Democratic presidents,” Psaki said. “The Republican-led Congress raised the debt limit three times on a bipartisan basis during the prior administration, and 98 percent of the debt, subject to this limit — this limit, we’re talking about right now — accrued before President Biden took office. It’s a shared responsibility.
“I’d also note that during the Trump years, former Majority Leader McConnell himself said that failing to raise the debt ceiling was unacceptable because it would cause unforced harm to our economy and kill jobs,” she added. “So, our view is that Congress should move forward as they have multiple times — 80 times in the past; three times during the Trump administration — to raise the debt limit.”
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