Congress resolves to raise debt ceiling by $ 2.5 trillion
“Since taking control of the House of Representatives, Senate and White House earlier this year, the majority has repeatedly chosen to spend huge sums of taxpayers’ money only with Democratic votes,” said Republican Rep. Tom Cole, Oklahoma. “With that power comes the responsibility to govern effectively, and the majority have failed to do so.”
Understand the US debt ceiling
What is the debt limit? The debt ceiling, also known as the debt limit, is an upper limit to the total amount that the federal government can borrow through US Treasury bills and savings bonds to meet its financial obligations. Since the US has a budget deficit, it has to borrow huge sums of money to pay its bills.
In a speech on Tuesday, McConnell did not mention the agreement he had made with Schumer to make the increase possible, but noted that the debt ceiling would be raised solely through Senate Democratic votes. He also condemned Mr Biden’s social safety net, climate and tax package, warning that it would exacerbate inflation and lead to the accumulation of more debt.
“If they get through another ruthless tax and spending frenzy, that massive debt surge will only be the beginning,” said McConnell. “More pressure and borrowing to be more reckless in spending, causing more inflation and hurting working families even more.”
But McConnell has also received criticism from his right wing for allowing the Democrats to hold the country away from a fiscal disaster.
“I’m sure this vicious tactic used here has not seen its last use – on the contrary,” said Senator Mike Lee, Republican from Utah. “With a blank check and a new special procedure, the Democrats are in a position to raise the debt ceiling by any amount they deem necessary to pay their bill for the destruction of America.”
Former President Donald J. Trump railed against McConnell in a series of statements over the weekend, accusing the Senator of “lacking the courage to play the debt ceiling, which would have given Republicans an outright victory in virtually anything”. . “
Mr Trump continued to urge Republicans to remove Mr McConnell from his leadership role.
On Monday, Kelly Tshibaka, a conservative conservative, challenged Senator Lisa Murkowski, Republican of Alaska. promised that she would not support Mr. McConnell if elected in 2022, citing his role in the debt containment process.