Democrats Express Concern About Looming US Debt Default, Government Shutdown
September 23, 2021
(https://media.gab.com/system/media_attachments/files/085/834/945/small/bb194ed2e2855c17.png)
Several Democrats in Congress have expressed concern about the looming U.S. deficit default and government shutdown next month, saying there is no backup plan
The Senate could vote on a House-passed measure that would provide funding to the federal government into early December and suspend the debt ceiling until 2022. Senate Minority Leader Mitch McConnell (R-Ky.) said that Republicans are unwilling to raise the debt ceiling, pointing to Democrats having control over both houses of Congress and the executive branch. "I don't know what the plan B is... Plan B is to have Republicans step up and be responsible," Sen. Debbie Stabenow (D-Mich.)
"So then what's the plan?" Sen. Jon Tester (D-Mont.) told the publication.
"We've got to pay our bills,"... On Wednesday, McConnell and Sen. Rick Scott (R-Fla.), a member of the Republican leadership in the Senate, called on Democrats to raise the debt ceiling.
"This is a totally Democratic government. They have an obligation to raise the debt ceiling and they will do it,"... McConnell has introduced an alternative continuing resolution earlier this week that excludes
suspension of the borrowing limit. (https://media.gab.com/system/media_attachments/files/085/834/905/small/08b8fe723c752840.png)
In the meantime, some Democrats, including House Speaker Nancy Pelosi (D-Calif.), have said that
Republican votes are needed to pass both bills... On Thursday,
Pelosi said during a weekly news conference that the continuing resolution to avoid a government shutdown and a measure to suspend the debt ceiling will be passed by the end of September. The White House circulated a memo in Congress last week that should the United States default on its debt, a number of federal programs and agencies would not be funded while adding that
millions of jobs could be lost, triggering an economic recession. Previously, Treasury Secretary Janet Yellen warned that the ceiling could be hit sometime in October.
Bond rating firm Moody's this week warned that six million jobs could be lost if the U.S. defaults. "Shutting the government down would not be an immediate hit to the economy, but a default would be a catastrophic blow to the nascent economic recovery from the COVID-19 pandemic,"... noting that
the stock market could drop by as much as a third and wipe out trillions of dollars in household wealth... numerous experts believe that Congress will ultimately act to raise or suspend the borrowing limit.
Democrats Express Concern About Looming US Debt Default, Government Shutdown (https://www.theepochtimes.com/mkt_breakingnews/democrats-express-concern-about-looming-us-debt-default-government-shutdown_4013091.html)
https://www.theepochtimes.com/mkt_breakingnews/democrats-express-concern-about-looming-us-debt-default-government-shutdown_4013091.html