Sunday, September 19, 2021

If Democrats want to pass $3.5 trillion budget, they alone can raise debt limit: McConnell

Senate leaders are debating who is now responsible for raising the $28 trillion debt limit, with Senate Majority Leader Chuck Schumer (DN.-Ky.) saying the GOP has taken a bipartisan approach to passing spending bills. But Democrats are passing laws along party lines.

“It is not the last four years, when we were reaching bipartisan government funding agreements, bipartisan appropriations and bipartisan COVID bills. Democrats have made a different choice. They all want to make policy by themselves,” McConnell said Tuesday from the Senate floor. “So, they can even come up with financing on their own. Democratic leaders have every tool and process they need to handle debt limits on a partisan basis, just as they are choosing to handle everything else.

McConnell was referring to the Democrats’ partisan spending package: a $2 trillion in what he called COVID-19 relief and a $3.5 trillion spending bill currently using the budget reconciliation process. This process would allow Democrats to pass legislation without a Republican vote, as long as all 50 Democrat senators vote in favor of the new spending and a majority of House Democrats vote yes.

“Washington Democrats have spent trillions, trillions of dollars on pet liberal projects. They are printing and wasting money like there is no tomorrow and American families are hurting as a result. Inflation is far more than outpacing the average worker’s wage growth,” McConnell said.

When the pandemic first began, Republicans supported a $2 trillion bipartisan stimulus package, but they have been opposed to Democrats’ continued spending for welfare programs on the grounds that it would help the country recover from the economic impact of the pandemic. Will do

“Back in 2020, during the COVID emergency, Congress worked across party lines to pass a massive rescue package that was written together by Republicans and Democrats,” McConnell said, adding that this relief was needed. “But our Democratic allies wanted more. As they acknowledged from the start of the pandemic, they wanted to use the crisis to ‘reorganize things according to their vision’ from a temporary emergency to permanent socialism.”

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A man waits at a bus stop displaying the official national debt of the United States of America on June 19, 2020 in Washington.  The nonprofit Truth-In-Accounting says the real national debt is more than four times the official figure.  (Olivier Doulery/AFP via Getty Images)
A man waits at a bus stop displaying the official national debt of the United States of America on June 19, 2020 in Washington. (Olivier Doulieri/AFP via Getty Images)

Schumer responded to McConnell’s announcement by indicating that he would not use the conciliation process to raise the debt limit.

“Leader McConnell keeps talking about new spending, what Democrats have done is not this debt. This debt, $5.5 trillion, was all under Trump and when Leader McConnell was the majority leader, but some Republicans casually, Irresponsible, much more politically, are eager to push our economy to the brink of total catastrophe, by suggesting that they will oppose any attempt to raise the debt limit,” Schumer told the Senate on Tuesday. “And instead of urging their allies to immediately drop this reckless idea, Republican leaders, shame on it, are giving it their blessing, if not campaigning.” “

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Schumer said that if Congress did not raise the debt limit and instead defaulted on the loan, it would have a devastating effect on the economy, something that has never happened in American history.

“So, any attempt to play the dirty political game with the full faith and credit of the United States is reckless, irresponsible, and despicable. It can cause permanent damage to the American economy and is a completely non-starter. In America, When it comes time to pay the bills, we do it without exception,” Schumer said.

House Speaker Nancy Pelosi (D-Calif.) said in a press conference on Sept. 8 that Democrats would not add provisions to raise the debt limit to the $3.5 trillion budget.

It all comes as the Treasury has warned it won’t be able to fund the government at the latest in mid-October. It is using “extraordinary measures”, according to Secretary Janet Yellen, to keep government funding steady.

Given this rapidly approaching deadline, Pelosi also criticized efforts by Republicans in both houses to oppose raising the debt limit, echoing Schumer’s view that too much debt was extended under the Trump administration.

Masuma Haki

.

This News Originally From – The Epoch Times

If Democrats want to pass $3.5 trillion budget, they alone can raise debt limit: McConnell
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