October 5 (WNN) — President Joe Biden said Tuesday that it is a “real possibility” that Senate Democrats could change the chamber’s filibuster rules to pass a bill to raise the debt limit.
Speaking to reporters late Tuesday, Biden said he can specifically envision the Senate loosening rules to address the debt limit as Senate Democratic Leader Chuck Schumer, DN. Republicans to halt the process ahead of procedural voting on Wednesday.
“If they’re going to be irresponsible there aren’t many options,” Biden said. “There is not much time left to do it by reconciliation.”
Changing the filibuster rules would require the full support of Senate Democrats but Sen. Joe Manchin, DW.VA, and Kirsten Cinemas, D-Ariz., have opposed the change.
Schumer said Congress should pass legislation to raise the debt limit by the end of the week and seek support from Republican senators, who have refused to raise the limit.
According to NBC News, Schumer said, “They have a chance to show that they are still responsible.” “It’s not too late, but it’s getting dangerously close.”
Treasury Secretary Janet Yellen told CNBC it is “absolutely necessary” that Congress raise or suspend debt limits to avoid defaulting on the nation’s debt and possibly trigger a recession.
“It’s really up to the speaker [Nancy] It’s up to Pelosi and Leader Schumer to figure out how to do it in Congress,” Yellen said. “What I can tell you is that it’s absolutely necessary.”
She said October 18 is the deadline for action, and noted that the loan limit has been raised about 80 times since 1960, almost always on a bipartisan basis.
“Not paying government bills would be devastating for us to be in a position where we lack the resources to pay government bills,” Yellen said.
“It really undermines the United States’ absolute trust and confidence in credit, our willingness to stand behind our debts and make sure we pay them off.”
She said failing to raise or suspend the loan limit could impact Social Security payments for 50 million senior citizens, child tax credit payments for 30 million households and more.
“U.S. Treasury securities have long been viewed as the safest asset on the planet,” Yellen said. “This is partly attributable to the dollar’s reserve position, and to put it into question by failing to pay any of our bills, would have a disastrous consequence indeed.”
Senate Minority Leader Mitch McConnell, R-Ky. Has said that Democrats should handle the issue without Republican support.
Biden blamed Republicans for the impasse during a news conference on Monday and noted that Republicans raised the debt limit three times during former President Donald Trump’s tenure.