Schumer: Congress must raise debt ceiling by end of week

Majority leader in the Senate Charles SchumerChuck Schumer Struggling over Biden’s Agenda: A Tale of Two Democratic Parties Arizona Democrats’ frustration with Sinema climaxes Trump teases Schumer about occasional Ocasio-Cortez challenge MORE (DN.Y.) said on Monday that Congress must push for a bill raising the debt ceiling to President BidenJoe Biden, Ambassador of Afghanistan on whether Afghans will trust an American president againby the end of the week, an ambitious schedule given the lingering standoff between Democrats and Republicans.

“Let me be clear on the task ahead: we have to submit a bill to the President’s office dealing with debt limit by the end of the week. Point, ”Schumer wrote in a letter to Senate Democrats on Monday.

Schumer’s timeline cuts in half the roughly two weeks lawmakers have to increase the country’s borrowing limit. secretary of the treasury Janet YellenJanet Louise Yellen White House Seeks to Reverse Agenda Price Debate Alabama Authorizes Intent to Use COVID-19 Relief Funds to Build Prisons The Hill’s Morning Report – Brought to you by Alibaba – Democrats still disagree on the Biden PLUS agenda previously told congressional leaders they must act by Oct. 18 or risk a historic default with sweeping economic consequences.

But Schumer, in his letter, argued that Congress could not afford to go all the way, a move he said could shake up financial markets.

“We do not have the luxury of waiting until October 18, as it is our responsibility to reassure the world that the United States is fulfilling its obligations in a timely manner and that the full faith and credit of the United States should never be in The consequences of the very approach of the X date could be disastrous for our economy and devastating for American families, ”Schumer wrote.

Congress and then-President TrumpDonald Trump Ambassador to Afghanistan on whether Afghans will trust an American president again previously suspended the debt ceiling in 2019. It resumed on August 1 and Yellen has been using so-called extraordinary measures since then to maintain the government’s solvency.

Schumer gave no indication in his letter about the mechanism Democrats would use to raise the debt ceiling, but said Democrats would discuss it during their closed-door lunch on Tuesday.

Republicans have twice blocked Democrats from suspending the debt ceiling. Leader of the minority in the Senate Mitch mcconnellAddison (Mitch) Mitchell McConnell White House seeks to reverse agenda price debate Biden sees support for independents drop Hill’s morning report – Brought to you by Alibaba – Democrats still at odds on order of the day from Biden PLUS (R-Ky.) Is trying to force Democrats to do so as part of reconciliation, a budget process that allows them to avoid Senate obstruction.

“For two and a half months this fully Democratic government has known it will have to use a fast-track party line process to raise the debt ceiling, but has done nothing,” McConnell said in a statement over the weekend. .

The House, which passed a debt ceiling hike last week, is currently out of town for two weeks, pushing it against the Yellen schedule. Schumer, in his letter, warned that if they are unable to break the deadlock on the country’s borrowing limit, the Senate “will likely be forced to remain in session this weekend” and “may -being “for a week’s vacation is scheduled to begin on October 11.

Senate Democrats previously tried to suspend the debt ceiling as part of a short-term government funding bill, but Republicans blocked it from getting the 60 votes needed to move forward . McConnell also opposed Schumer’s demand last week to bypass the 60-vote obstruction on a stand-alone debt suspension bill.

The House sent another bill to the Senate to suspend the debt ceiling last week before leaving town. Democrats were able to push the legislation forward last week to a final vote, but they will still need to defeat a 60-vote GOP obstruction to finally pass it.

Schumer does not address the attempt to raise the debt limit through reconciliation in his letter – something he ruled out last week – and a Democratic aide on Monday morning is still seen as risky and time-consuming on the plan. procedural around October 18. .

In addition to figuring out how to overcome the debt ceiling deadlock, Schumer is trying to keep the momentum behind Biden’s two-pronged spending program that includes the roughly $ 1,000 billion infrastructure bill that has already been passed by the Senate and the vast social spending program still being haggarded by Democrats.

Schumer, in his letter, reiterated that he sees the end of October as the new deadline to get to Biden’s office after the House failed to pass the bipartisan Senate infrastructure bill and Democratic leadership and that the White House failed to reach agreement on a framework for the social spending bill.

“We can achieve this, together, if we put aside our differences and find common ground within our party. It will require sacrifices,” Schumer wrote.

“Not all members will get everything they wanted. But at the end of the day, we will pass legislation that will dramatically improve the lives of the American people. I think we will do that in October,” he added. .

Updated at 10:31 am