Republicans Block Debt Limit Hike

Republicans Block Debt Limit Hike

( – The US faces its first-ever default as lawmakers struggle to compromise on a debt ceiling bill. Locked in a game of financial chicken, neither Democrats nor Republicans want to budge. Could this be the first time the US doesn’t pay its bills?

On Monday, September 27, GOP Senators obstructed legislation to suspend the debt ceiling and fund the government. Republicans are staying true to their word of not supporting an increase in the government’s spending. With a filibuster in place, a simple majority will not pass a bill, which requires 60 votes to pass. No Republicans voted in favor of the debt ceiling increase, resulting in a 48-50 vote.

Since August 1, the US Treasury has exhausted itself to keep the government running. But lawmakers have until the end of September to pass legislation to fund the government and avoid a shutdown. The amount the US can borrow is unclear, but Janet Yellen, US Treasury Secretary, said the situation might require Congressional action as soon as October.

For months, Republicans warned their Democratic counterparts they wouldn’t support increasing the nation’s debt limit. However, Senator Mitch McConnell (R-KY) stated they would support a continuing resolution to avoid a government shutdown. Republicans in the Senate tried to present a short-term spending bill without increasing the national deficit, but Democrats thwarted the effort.

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