Posted on 01/13/2023 12:44:34 PM PST by RandFan
Senate Majority Leader Charles Schumer (D-N.Y.) and House Democratic Leader Hakeem Jeffries (N.Y.) issued a joint statement Friday calling on Congress to avoid a potential default “forced by extreme MAGA Republicans,” the opening salvo in what will be a months-long battle over raising the federal debt limit.
Lawmakers in both parties predict the Democratic-controlled White House and Senate are headed for a showdown with newly elected Speaker Kevin McCarthy (R-Calif.) over the debt limit after McCarthy pledged to House conservatives last week to attach spending reforms to debt limit legislation.
Schumer and Jeffries called on Republicans to move quickly on debt limit legislation without having to go through lengthy and arduous spending negotiations, as Congress did three times under President Trump.
“Congress must act on legislation to prevent a disastrous default, meet our obligations and protect the full faith and credit of the United States. A default forced by extreme MAGA Republicans could plunge the country into a deep recession and lead to even higher costs for America’s working families on everything from mortgages and car loans to credit card interest rates,” the Democratic leaders said in a joint statement, referring to former President Trump’s slogan “Make America Great Again.”
Schumer and Jeffries argue that addressing the debt limit “is about meeting obligations the government has already made” to various constituencies such as Social Security recipients and veterans.
“The debt limit was increased in a bipartisan way three times when Donald Trump was president, twice when Republicans had majorities in the House and Senate. This time should be no different,” they said.
They said that Democrats want to move quickly to pass debt limit legislation “so there is no chance of risking a catastrophic default,” and alluded to the nation’s credit downgrade in 2011 after a prolonged standoff over raising the debt limit.
“We’ve seen in previous debt ceiling stand-offs that even the threat of default leads to even higher costs for working families. Republican leaders must do the right thing to protect Social Security, the economy and our country,” Schumer and Jeffries warned.
They issued their statement shortly after Treasury Secretary Janet Yellen warned McCarthy and other congressional leaders Friday the nation would hit the debt limit on Jan. 19, requiring the Treasury Department to extraordinary measures to prolong the nation’s solvency another few months.
Yellen estimated those measures would allow the federal government to cover its financial obligations until at least early June.
“It is therefore critical that Congress act in a timely manner to increase or suspend the debt limit. Failure to meet the government’s obligations would cause irreparable harm to the U.S. economy, the livelihoods of all Americans and global financial stability,” she wrote.
Good thing they raced to tack on another wasteful $1.7 trillion dollars at the last minute.
DO NOT INCREASE THE DEBT LIMIT, LET THE HOUSE FALL.
Budget fight to distract from Biden? Or trying to hamstring House oversight? Or both?
Is there ever debt payback legislation?
Cut spending in the 2023 budget
Its called a debt limit for a reason
Should have thought of that when you wrote your 2 Trillion mega Porkulous bill.
If McCarthy had balls, which he doesn’t, he’d introduce debt ceiling lowering legislation.
This is exactly how they will play McCarthy.
Just like they did republicans during the trump administration They win the PR war
The “MAGA Republicans” need to tell these two jackasses to go take a flying leap at a rolling donut.
I see Tye commie Shill Dems PR agent is spitting out her DBC Talking point .
Commie A Bolton’s Nutjob Marching orders come from the top of the DNC
Notice how the word "Minority" is missing entirely from this Hill article?
Go back and look at past articles about Kevin McCarthy and The Hill has always referred to him as " House Minority Leader Kevin McCarthy (R-Calif.)"
-PJ
Nope, The GOP better tell ChuckU that it is way way past time to live within our means. Period.
The Hill updated their report to remove "Democratic" and insert "Minority" in their description of Jeffries!
-PJ
You never know who is watching ... 👀
They all read FR so be on your best behavior 🤣🤣🤣
Let. It. Burn. The ONLY way to wake up a majority of Americans is through EXCEPTIONAL pain. We are better than this, but so many are still sleepwalking through life.
No deal until we pass strict laws on the USPS handling mail in ballots. That must be greatly restricted to where a person has requested one in writing with a signature, signatures must be on the outside of the envelopes so they get scanned by the USPS, and no ballots may be delivered after election day. That must be done ASAP.
Here’s the deal if you want the debt limit raised.
1. reverse the Omnibus bill
2. retract the money to the IRS and the 87,000 new employees
3. Pass a balanced budget provision with teeth
4. Create zero based budgeting for all government agencies
Charlatans!
Look at the charts at the link.
Democrats won’t cut anything, just raise taxes and borrow more money. It is broken carnival ride about to wreck and Schumer/Jeffries just want to play games.
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