Senate Democrats discussed the possibility of creating an exception to the 60 vote requirement as they explored ways to overcome Republican opposition.
WASHINGTON - President Biden said Tuesday Democrats are considering a change in the Senate filibuster rules to bypass a Republican blockade on the increase title debt limit , which put the United States on a collision course with a government default.
" Oh, I think that's a real possibility ", Mr. Biden responded when asked if Democrats are considering the last resort route , which would involve making an exception to allow a the debt ceiling bill must be passed by simple majority instead of the usual 60 votes required.
Senate Democrats discussed removing the exception at their weekly lunch on Tuesday. No conclusions were drawn, but notably, according to participants, the deThe most ardent opponents of the filibuster changes, Senators Joe Manchin III of West Virginia and Kyrsten Sinema of Arizona, did not protest. They have not expressed their support either.
This decision, once almost unimaginable in a room steeped in decorum, has been debated. as the Biden administration and Congressional Democrats explored ways to avoid a government default without the support of Republicans. Secretary of the Treasury Janet L. Yellen warned lawmakers of" catastrophic "consequences, including a recession and financial crisis, if Congress does not act by October 18, when the government should be unable to pay its bills.
The Senate will vote on Wednesdayon whether to pass legislation to raise the debt ceiling until December 2022. But with 10 Republican senators needed to join Democrats, the vote is set to fail.
Some Democrats have expressed hope that if the fight against filibuster is the only way left, the party could muster 50 votes for rule change.
Lawmakers have provided other exceptions to fili buster in recent years. In 2017, Senate Republicans created a to pave the way for Neil M. Gorsuch, President Donald J. Trump's first candidate for Supreme Court, to take the bench. And in 2013, Senate Democrats did it to overcome Republican opposition to President Barack Obama's candidates for cabinet and judicial office.
Mr. Biden's remarks Tuesday night g, made as he returned to the White House after a trip to Michigan to sell a bipartisan infrastructure package and a massive spending bill social, reflected the President 's increasingly confrontational approach to one
"As of this week, your savings and your wallet could be directly impacted by this Republican coup ", Mr. Biden declared during the remarks at Home Blanche Monday, warning me that a failed voteWednesday could shake up financial markets, pushing down stock prices and raising interest rates. "A meteor is heading towards our economy " he said.
The president also bristled at the ultimatum issued by Sen. Mitch McConnell of Kentucky, the minority leader, who said Democrats must resort to reconciliation - a more complicated process that could take a week or more to put in place - if they want to get over it. 'Republican opposition to increasing the debt limit.
Understanding the US debt ceiling Map 1 of 6
What is the debt ceiling? The debt ceiling, also called debt limit , is a cap 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. Since the United States is running budget deficits, it has to borrow huge sums of money to pay its bills.
When will the debt limit be exceeded? After Senate leaders agree to a short-term agreement to raise the debt ceiling on October 7, the Treasury estimated that the government can continue to borrow until December 3 . The agreement highlightsplace another consecutive death dline For the first Friday in December.
Why is the United States limiting its borrowing? According to the Constitution, Congress must authorize borrowing. The debt limit was instituted at the turn of the 20th century, so the treasury didn't need to ask permission every time it needed to issue bonds to pay bills. /
What would happen if the debt limit was reached? Treasury Secretary Janet Yellen declared to Congress that the Failure to act on raising the debt ceiling could lead to a self-inflicted economic recession and financial crisis. She equalsment says that failing to raise the debt ceiling could affect programs that help millions of Americans, including delays in social security payments .
D Do other countries do it this way? Denmark also has a debt limit, but it is set so high that increasing it is usually not a problem. other countries do not. In Poland, public debt cannot exceed 60% of gross domestic product.
What are the alternatives to Debt ceiling? Lack of a replacement is one of the main reasons for maintaining the debt ceiling. Yellen said she would support legislation to abolish the debt ceiling. debt limit, which she described as “destructive.” It would be necessaryan act of Congress to remove the debt limit.
"I respectfully submit that it is time for you to engage directly with the Democratic Congress on this issue, ”wrote Mr. McConnell in a letter to Mr. Biden lundi. "Your lieutenants in Congress need to understand that you don't want your Unified Democratic government sleepwalking toward preventable disaster when they've been given nearly three months' notice to do their jobs.
Mr. McConnell said the government should not be allowed to stop paying its debts; he also said he would not let any Republican vote to raise the debt ceiling, while preventing Democrats from doing it themselves. Republicans have already held their ground for make filibuster a previous bill to raise the debt ceiling.
Republicans once again filibustered a debt ceiling increase on Wednesday, Democratswill have to chart a course forward - and quickly.
On Tuesday evening, the White House announced an event to keep the pressure on: a meeting between Mr. Biden and a group of leaders on Wednesday to "immediately tackle the debt limit and the damaging consequences for American families, small businesses and the economy if unnecessary delays continue ".
Jonathan Weisman contributed to the reports.