Posted on 10/07/2021 8:38:22 AM PDT by Theoria
U.S. Senate leaders have agreed to raise the Treasury Department's borrowing authority until early December, averting a potential debt default later this month, Senate Majority Leader Chuck Schumer announced on Thursday.
"We have reached agreement to extend the debt ceiling through early December and it's our hope we can get this done as soon as today," Schumer said referring to a vote on passage of the legislation.
A Senate aide, who asked not to be identified, said the deal calls for a debt limit increase of $480 billion from the current $28.4 trillion. If approved by the Senate and House of Representatives, the U.S. debt limit would then be set at $28.9 trillion.
Democrats had been trying to pass legislation that would have raised the debt limit through the end of 2022 but Republicans blocked that effort.
If the new deal passes, Congress would have several weeks to attempt to agree on either a longer-term debt limit increase or another stop-gap measure.
Congress also faces a deadline for funding the government in December. Democrats also want to pass two massive spending bills that make up much of President Joe Biden's domestic agenda in the coming weeks, including a multitrillion-dollar social policy package and a $1 trillion bipartisan infrastructure bill.
Without congressional action to raise the debt limit, the Treasury Department has forecast that it will run out of ways to pay all of its bills by Oct. 18.
(Excerpt) Read more at reuters.com ...
That McConnell, he is such a principled guy.
.
McConnell
Funny how he does what Biden says, but he fought the Republican President at every turn.
He’s a big Cheney fan.
A Huge Fauci supporter.
And has said Biden is one of his only real friends in Politics.
.
But....but....Mitch is playing 3D Chess, don’cha know?
CHINA is happy.
Do what the people who pay the bills (TAXES) do when they run out of money.
STOP SPENDING!!!!
Cut unnecessary expenses!
Let some dead weight go!
Not sure why that is even needed. The zero dollar programs bill for example, can’t increase the debt using zero.
Money Money Money MONEY
Ah, phase 1 of McDorkell’s slow, but sure surrender.
This man deserves first place in the guillotine line following CW-II. Yes, ahead of even the liberals.
What? Did you think republicans in DC were going to fight? Not going to happen with the current bunch.
Add McConnell to the list
We would be ahead by banning fossil fools, like Biden, Pelosi, Feinstein, Schumer, Leahy, and McConnell.
We need to rid the political world of “Team Mitch,” he is poisonous.
If we get back control of the Senate, Mitch should not be majority leader.
When my personal budget reaches its spending limit I cut back or do without.
Assisting Democrats is what Assistant Democrats do.
Stupid like a fox.
He should be voted down now and replaced. But, he’s found a fan base/newly formed posse w/Romney, Cassidy, Cornyn, Graham, etc. All will vote for the infrastructure bill. They are evil.
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