Share
News

Mitch McConnell Caves, Agrees to Deal to Raise Debt Limit by Whopping $2.5 Trillion

Share

The Senate was poised Tuesday to lift the nation’s debt limit by $2.5 trillion under a deal struck between party leaders, defusing a volatile issue until after next year’s midterm elections while saddling majority Democrats with a tough vote.

The vote comes just one day before a deadline set by Treasury Secretary Janet Yellen, after which the nation would be at risk of a crippling default. The bill is expected to clear the Senate on a party-line vote that garners no Republican support, with swift passage by the House likely to follow before it then heads to President Joe Biden’s desk.

For months, Republicans have used debt limit increases to sabre-rattle about Democrats’ big-spending social and environmental agenda while pledging to staunchly oppose any efforts to increase in the debt limit.

In striking a deal, Senate Minority Leader Mitch McConnell backtracked on his past words. But he also got much of what he wanted: an arrangement in which Democrats have to take a politically difficult vote with no Republican support while increasing the limit by a specific dollar figure that is sure to appear in future attack ads.

Senate Majority Leader Chuck Schumer hailed the agreement, which will allow Democrats to pass the bill without the threat of a Republican-led filibuster.

Trending:
Pelosi Melts Down Over SCOTUS Decision, Accuses Republicans of Coordinated Nationwide Plot

“This is about paying debt accumulated by both parties, so I’m pleased Republicans and Democrats came together,” the New York Democrat said on the chamber’s floor Tuesday.

McConnell, meanwhile, used the occasion to attack Democrats for their “socialist spending spree.”

“If they jam through another taxing and spending spree this massive debt increase will just be the beginning,” the Kentucky Republican said.

The nation’s current debt load of $28.9 trillion has been racking up for decades. Major drivers include popular spending programs like Social Security and Medicare, interest on the debt and recent COVID-19 relief packages. But taxation is also a major factor, and a series of tax cuts enacted by Republican presidents in recent decades has added to it, too.

The national debt includes $7.8 trillion heaped onto the pile during Donald Trump’s four-year presidency, an analysis of Treasury records shows. The GOP-championed 2017 tax cut is projected to add between $1 trillion and $2 trillion to the debt, according to the nonpartisan Tax Policy Center.

The Western Journal has not reviewed this Associated Press story prior to publication. Therefore, it may contain editorial bias or may in some other way not meet our normal editorial standards. It is provided to our readers as a service from The Western Journal.

Truth and Accuracy

Submit a Correction →



We are committed to truth and accuracy in all of our journalism. Read our editorial standards.

Tags:
, , ,
Share
The Associated Press is an independent, not-for-profit news cooperative headquartered in New York City. Their teams in over 100 countries tell the world’s stories, from breaking news to investigative reporting. They provide content and services to help engage audiences worldwide, working with companies of all types, from broadcasters to brands.
The Associated Press was the first private sector organization in the U.S. to operate on a national scale. Over the past 170 years, they have been first to inform the world of many of history's most important moments, from the assassination of Abraham Lincoln and the bombing of Pearl Harbor to the fall of the Shah of Iran and the death of Pope John Paul.

Today, they operate in 263 locations in more than 100 countries relaying breaking news, covering war and conflict and producing enterprise reports that tell the world's stories.
Location
New York City




Conversation