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The Senate passed a $2.5 trillion debt ceiling increase that will push the ceiling past the 2022 midterm elections by temporarily bypassing the Senate’s filibuster. It passed, 50-49, with solely Democrat votes. The measure moves to the House, where it is quickly expected to pass and get sent to President Biden. The federal government may face a default on its debt if Congress fails to raise the debt ceiling by December 15. The Senate passed the debt ceiling increase after members created a one-time carveout to the Senate’s rules, allowing Democrats to pass the bill with a simple majority. Sen....

President Biden on Thursday signed a bill raising the debt ceiling by $2.5 trillion, narrowly averting default on the nation’s debt. The measure passed the Senate Tuesday afternoon in a 50-49 vote that was strictly along party lines after Democrats and Republicans reached a deal to sidestep the filibuster. The House moved to pass the bill late Tuesday in a 221-209 vote with one Republican member voting in favor, sending it to Biden’s desk for his signature.

Senator Joe Manchin was right. In September, he suggested that Democrats “hit the pause button” on their massive spending plans. At that time, the Build Back Better bill was $3.5 trillion — an inflationary bomb just waiting to go off.Even after the Democrats cut the bill in half to $1.75 trillion, Manchin kept sounding the inflation alarm. He kept insisting that inflation wasn’t “transitory,” as Joe Biden still insists to this day. Manchin also asserted that it was fiscal madness to take on so much debt at this time.Manchin’s September op-ed in the Wall Street Journal summed up the danger.Those...

Fox News contributor Karl Rove explains how the debt ceiling crisis could unfold amid the infrastructure and budget reconciliation bills.

...With a deadline of October 18th approaching—the point at which, according to Treasury Secretary Janet Yellen, the U.S. would default on its debt if the debt ceiling were not raised by $480 billion—McConnell and Schumer agreed to raise the debt limit through December.... ...The critics might want to hold their fire until they see what happens in December. According to McConnell's allies, the minority leader had very good reasons for striking the deal. They say it connects all the important political dots now laid out before him as GOP leader, in ways that will benefit Republicans going into a midterm...

Joe Biden has been throwing a big fit over Republicans not wanting to go along with raising the debt ceiling.He even claimed that if the GOP didn’t agree to do it they would be the equivalent of sending a “meteor headed to crash into our economy.” Imagine using that terminology to describe not wanting to keep spending into oblivion.Earlier, we reported that Senate Minority Leader Mitch McConnell had thrown out a potential offer for a short-term suspension of the debt ceiling.My new statement on the Democrats’ self-created debt limit crisis: pic.twitter.com/XwuqyS9oZ0— Leader McConnell (@LeaderMcConnell) October 6, 2021“We have already made...

“A default could potentially — but not necessarily — delay the payment of Social Security benefits, which reach about 65 million Americans in some form,” the Times said. “It could also delay payments to government contractors, including hospitals that accept patients who use Medicare and Medicaid benefits.” A default would also have effects that trickle down further, including to state-run programs, as well as the expanded child tax credit. The next scheduled payment from that is October 15, which is before the possible default date, although another payment is due November 15.

President Biden on Wednesday ​resorted to histrionics, saying that a “meteor” could crash into the US economy if Congress doesn’t raise the government’s debt ceiling — ​even as Republicans ​noted that Democrats can simply lift the spending cap on their own.​ Biden insisted Republicans could cause the US to default on its debt after an Oct. 18 deadline as he attempted to undercut conservative pressure on Democrats to own the vote as they push for trillions in new spending. “The United States is the financial rock the world looks to and trusts. Now in one cynical destructive partisan ploy —...

Joe Biden on Wednesday met virtually with business leaders on the debt limit crisis the Democrats created. Biden spoke to JP Morgan’s Jamie Dimon and Nasdaq CEO Adena Friedman from a stage in the South Court Auditorium near the White House. Advertisement - story continues below Biden blamed Republicans for the impending default and said, “Raising the debt limit is paying our old debts, it has nothing to do with new spending,” McConnell eventually caved to Biden and agreed to a short-term emergency debt ceiling extension into December. VIDEO:

President Biden slammed Republicans Monday for refusing to help raise the debt ceiling, and ...said Democrats are willing to raise the debt ceiling alone this week but Republicans are stopping them, having blocked two attempts to suspend the debt limit in just the last week.... ...In a letter to Mr. Biden on Monday, McConnell reiterated Republicans would not help raise the debt limit, and Democrats would have to do it on their own, a stance Republicans have taken since mid-July. "The debt limit is often a partisan vote during times of unified government. In 2003, 2004, and 2006, Mr. President,...

President Biden warned Monday that the U.S. may default on its debt for the first time in history if Senate Minority Leader Mitch McConnell (R-Ky.) continues to block Democratic attempts to raise the federal borrowing limit. Speaking to reporters following a Monday speech on the fiscal standoff, Biden said he cannot guarantee that the U.S. will be able to pay its bills past Oct. 18 if GOP senators are unwilling to clear a path to keep the country solvent. “I cannot believe that will be the end result, because the consequences are so dire,” he said. “But can I guarantee...

Senate GOP Leader Mitch McConnell (Ky.) is urging President Biden to lean on Senate Majority Leader Charles Schumer (D-N.Y.) and House Speaker Nancy Pelosi (D-Calif.) to get Democrats to raise the debt ceiling on their own. "I respectfully submit that it is time for you to engage directly with congressional Democrats on this matter," McConnell said of the debt ceiling in a letter to Biden. "Your lieutenants in Congress must understand that you do not want your unified Democratic government to sleepwalk toward an avoidable catastrophe when they have had nearly three months' notice to do their job," McConnell wrote.

Yellen has warned of dire financial consequences if the debt limit is not increased and the country cannot repay its debts. Treasury Secretary Janet Yellen said Thursday she would like to see Congress’ power over debt limits taken away from the legislative body, as the federal government's borrowing power is set to expire Oct. 18. Yellen, who has warned of dire financial consequences if the United States' debt limit is not increased, and the country cannot repay its debts, also said, "yes I would" when asked by Congress whether she supports a recently proposed House bill to repeal the national...

Furious Democrats seethe daily about Republican hostage-taking on the debt limit. They’re still insisting that the ceiling be suspended through regular order, and that Republicans help them do it. Instead of these fruitless, if understandable, attempts to shame Republicans for their hypocrisy and recklessness, Democrats could take this opportunity to remove a weaponized debt ceiling from Republicans’ arsenal for good..... “I’d be glad to see us get rid of the debt limit,” Sen. Elizabeth Warren (D-MA) told TPM. “It serves no purpose to restrict spending, it just creates opportunities for political gamesmanship and threats to our economy. It’s time to...

Politicians are making the claim that if the United States Congress does not increase the debt ceiling next month the United States will default on its credit payments. This is not true. It will not happen unless the people in charge want it to. This is not hard to understand, and I will explain.Estimated US tax revenue for fiscal year 2021 is 3.863 trillion dollars. That amounts to a little over 321 billion dollar per month.In fiscal year 2020 the government spent 6.55 trillion dollars.These are the 10 biggest expenditures by category.Even when the debt limit is reached the government...

Cloture NOT invoked

WASHINGTON, Sept 27 (Reuters) - A sharply divided U.S. Senate failed on Monday to advance a measure to suspend the federal debt ceiling and avoid a partial government shutdown, as Republican lawmakers denied the bill the votes necessary to move forward. The legislation by President Joe Biden's Democrats was aimed at beating two fast-approaching deadlines that, if left unaddressed, threaten to destabilize the U.S. economy as it struggles to emerge from the COVID-19 pandemic. The near party-line vote of 48 votes to advance against 50 opposed fell short of the 60 votes needed to push the bill ahead in the...

The White House on Monday warned that the looming government shutdown could hurt the Biden administration’s COVID-19 mandates. Congress has until the end of September pass legislation to avert a shutdown as Republicans and Democrats have struggled to come to an agreement on a number of measures. Government shutdowns, which generally don’t last longer than a month, can cause the disruption of the federal government’s programs and services, not limited to closing down national parks and institutions, some Defense Department programs, and programs that are funded by laws rather than annual appropriations acts. As a result, some public health measures...

The battle over the federal debt ceiling that's currently being fought by government officials and legislators is yet another example of the political posturing that's so prevalent these days. On one side, you have Democrats, who believe that the debt ceiling should be increased automatically or removed altogether, no matter what level of debt Uncle Sam accumulates, and that it should be done with the support of Republicans. On the other side, you have Republicans, who occasionally remember that they are against big government spending, especially if they're in the minority when the debt ceiling needs to be raised. Consider...

House Democratic leaders are considering taking a page from a similar budget standoff a decade ago that led to the first-ever U.S. credit downgrade as they look for ways to lift or suspend the statutory debt ceiling amid near-unanimous GOP opposition. The maneuver under consideration is a resolution of disapproval process for suspending the debt limit, according to sources with knowledge of the conversations.... ...Doing so could, in theory, inoculate both Democrats and Republicans against charges that they voted directly for lifting the nation's credit card limit....