GOP Senators Resist Raising Debt Limit as Democrats Push Biden Spending Plans

gop senators resist raising debt limit as democrats push biden spending plans

Sumary of GOP Senators Resist Raising Debt Limit as Democrats Push Biden Spending Plans:

  • WASHINGTON—Top Senate Republicans said the GOP may line up against any effort to raise the government’s borrowing limit this year, adding to the uncertainty surrounding how Congress will address the issue after the limit is reinstated next month.
  • ) said at a press conference Wednesday that Democratic plans to advance President Biden’s $4 trillion agenda could prompt Republicans to oppose a debt-limit increase, echoing comments Senate Minority Leader Mitch McConnell (R.
  • “I don’t think there’s a single Republican senator who views increasing the debt limit so that Democrats can expand government and spend massive amounts as something they in the end would want to support,” Mr. Thune said.
  • The Republican comments drew criticism from Democrats, who cast them as a hypocritical ploy that could trouble financial markets.
  • Congress suspended the debt limit for two years in July 2019 as part of a broader agreement on overall government spending levels brokered by then-Treasury Secretary Steven Mnuchin and House Speaker Nancy Pelosi.
  • Republicans argue that Democrats should raise the debt ceiling as part of their $3.5 trillion package, while Democrats said they were still deciding whether to increase the government borrowing limit through regular order or reconciliation.
  • At least 10 Republicans would need to join every Democrat to approve the debt-ceiling increase through regular order, with some Republicans indicating they may be unwilling to follow through with a major political fight over the debt.
  • When Republicans demanded policy changes in exchange for a higher debt limit in 2011, stock prices fell during the uncertainty, and Standard &

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