Congress passes $ 2.5 trillion debt ceiling increase
“Since taking control of the House, Senate and White House earlier this year, the majority have made repeated decisions to spend massive sums of taxpayer money with only Democratic votes.” , said Rep. Tom Cole, Republican of Oklahoma. “With that power also comes the responsibility to govern effectively, and the majority have failed to do so.”
Understanding the US debt ceiling
What is the debt ceiling? The debt ceiling, also known as the debt ceiling, is a ceiling on the total amount of money the federal government is allowed to borrow through US Treasury bills and savings bonds to meet its financial obligations. Because the United States has budget deficits, it has to borrow huge sums of money to pay its bills.
In a speech on Tuesday, Mr McConnell made no mention of the deal he made with Mr Schumer to allow the increase, but he noted that the debt ceiling would be raised only with votes Democrats in the Senate. He also denounced Mr Biden’s social safety net, climate and fiscal package, warning that it would exacerbate inflation and lead to the accumulation of more debt.
âIf they encounter another fiscal frenzy and reckless spending, this massive increase in debt will be just the start,â McConnell said. “No more printing and borrowing to set up more reckless spending to drive more inflation, hurt working families even more.”
But Mr McConnell also criticized his right flank for allowing Democrats to steer the country away from a tax disaster.
“I’m sure that vicious tactic, the one used here, has not seen its last use – far from it,” said Republican Senator Mike Lee of Utah. “With a blank check and new special procedure, Democrats are able to increase the debt ceiling by the amount they deem necessary to meet their Destruction of America bill.”
Former President Donald J. Trump railed against Mr. McConnell in a series of statements over the weekend, accusing the senator “of not having the courage to play the debt ceiling card, which would have given to Republicans a complete victory over virtually everything. “
Mr. Trump continued to urge Republicans to remove Mr. McConnell from his leadership role.
On Monday, Kelly Tshibaka, a die-hard conservative challenging Senator Lisa Murkowski, Republican of Alaska, promised she would not support Mr McConnell if elected in 2022, citing his role in the debt ceiling process.