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Senate Republicans may be on the verge of helping Democrats raise the debt limit by temporarily changing the rules of the Senate to fast-track the process.
Senate Minority Leader Mitch McConnell (R-Ky.) is reportedly seeking at least ten Republicans to agree to a strategy that would permit the Democratic majority to raise the debt limit with a simple majority vote. In a deal struck with Majority Leader Sen. Chuck Schumer (D-N.Y.), Republicans would give Democrats enough votes to change the rules, and then Democrats will pass the debt limit increase without Republican support.
A total of 60 votes are required to change the Senate rules, so at least ten Republicans must agree to McConnell’s strategy to get it done. This is all an attempt to circumvent the 60-vote legislative filibuster on a debt-limit increase. Under the plan, the filibuster rules will be suspended for about one month, specifically for the debt limit. Democrats would then be required to raise the debt ceiling by a specific amount, somewhere in the range of $1.5 trillion to $2 trillion, which would forestall another debt limit vote until after next year’s elections.
The deal negotiated between McConnell and Schumer would solve two political problems: Raising the debt limit and giving Republicans cover to claim they opposed doing so.
Every time the federal government nears its lawful limit on borrowing to cover its spending obligations, Congress votes to increase debt limit to enable the government to borrow more money. If Congress did not do this, the government would not have enough money to pay its bills and also make interest payments on the national debt.
In a hypothetical scenario where Congress does not raise the debt limit, the federal government would be forced to prioritize its spending such that expenses are not greater than revenues. This could mean drastic cuts to popular programs. It could also risk default, should the government be incapable of making its interest payments on the national debt, which economists warn would have severe economic consequences for the rest of the nation.
Even though Republicans say they are opposed to excessive government borrowing and spending, a […]
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