Last Tuesday, the House passed legislation that will prevent a government shutdown as well as suspend debt limit. In a strictly partisan vote, the measure passed on a vote of 220-211.
Even as House Democrats celebrated the win, the bill will now head to the Senate. In order to pass, the bill will need at least 10 Republican votes. Good luck, Democrats!
Senate Vote Nears, Republicans Vow Not To Suspend Debt Limit
Senator Minority Leader Mitch McConnell (R-KY) remains adamant that the Democrats can work on this problem themselves. He vowed that Republicans will not extend a helping hand despite pleas from the Biden White House to suspend the debt limit.
The debt limit or debt ceiling is the legal limit for what the federal government can borrow to avoid defaulting on its previous debts.
Around 46 out of 50 Republican senators confirmed that they will not support a bill suspending the debt limit. They pointed out that the Democrats are using the budget reconciliation process to include provisions to their $3.5 trillion spending program. Reconciling the budget will require a simple majority vote and will prevent a filibuster.
5 Cryptos Set To Soar For 2022 Expert reveals the strongest cryptocurrency investments for 2022 (NOT Dogecoin...)
Democrats To Push Through With Senate Bill Calling To Suspend The Debt Limit
Despite the GOP’s warning, the Senate Democrats will push through with a senate bill to suspend the debt limit until December 2022. The move looks to pressure Republicans into caving in to their demands to avert a government shutdown on October 1.
It also remains unclear if a Democrat reconciliation process will make it in time for the deadline to suspend the debt limit.
Previously, the US reinstated the debt limit last August 1. Treasury Secretary Janet Yellen warned lawmakers that if Congress fails to suspend the debt limit, the federal government will shut down in October as it loses its ability to pay its bills.
Democrats Grasping At Straws To Get Republicans To Vote
In addition, Democrats reminded Republican lawmakers that they cooperated with GOP officials on previous acts to suspend the debt limit. In fact, Democrats helped the GOP three times during the administration of former President Donald Trump.
They argued that matters such as the debt ceiling need bipartisan support. This is mainly because US debt obligations are for projects that have already received previous approval.
‘It Is Our Debt’
House Majority Leader Steny Hoyer (D-MD) said he hopes the GOP realizes that they’re all in this together. “I hope Republicans will be consistent and will do as they did before: vote to prevent a default and spare the American people from yet another damaging economic crisis right as we are coming out of a pandemic,” he said.
“This is not a Democratic debt. It’s not a Republican debt. It is our debt. It is the debt of the United States of America. We don’t welch on our debts. We pay our debts,” he added.
However, it will take more than a need to honor their debt to make Republicans listen. For Republicans dug in their heels. “The bill that Speaker [Nancy] Pelosi [D-CA] is bringing through this week will not become law. They’re going to have to go back to the drawing board,” said House Minority Whip Steve Scalise (R-LA).
How to Diversify Your Savings in Uncertain Times With GOLD: With interest rate hikes, geopolitical unrest, increasing national debt, and inflation on the rise, there is no time like the present to protect the purchasing power of your savings with precious metals.
If you're looking to live the dream life that you deserve, Click Here Now!
Watch the Forbes Breaking News video reporting that the House suspends the debt ceiling on a party-line vote. Bill now moves to Senate:
Do you agree with the Republicans that the Democrats are on the hook to suspend the debt limit? Can the Republicans willingly ignore the threat of the US defaulting on its debts, or will they reluctantly help the Democrats?
Let us know what you think by sharing your thoughts below.