As the White House gathered CEOs to underscore the dire situation if the U.S. were to default on its debts, Republicans on Wednesday floated a new offer to Democrats as a way to resolve in the shor…
Treasury Secretary Janet Yellen has warned of the consequences of not raising the debt limit by October 18, as the U.S. would enter a scenario in which it could not pay its debt obligations, something that has never happened before.McConnell had so far refused to go along with a stand-alone, longer-term debt limit increase, holding the threat of a filibuster that requires a 60-vote threshold for such a measure to make it to the floor.
Instead, McConnell has been insistent that Democrats raise the debt limit through a process known as reconciliation, something that would require only a majority vote. But it would likely mean that a dollar amount would have to be attached to the debt increase, something that Democrats fear would be used against them in next year’s midterm elections.
At the White House, Biden gathered a group of CEOs, telling them, “Our Republican friends need to stop playing Russian-roulette with the U.S. economy.” Among those at the meeting were JP Morgan Chase CEO Jamie Dimon, Bank of America CEO Brian Moynihan and Citi CEO Jane Fraser. Republicans, though, want to send a message about the debt limit, linking it to Biden’s social spending proposals, the latter of which they regard as reckless. That legislation, with a cost of about $3.5 trillion, applies to future spending, while lifting the debt limit is required to pay off existing government outlays.
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