NBC News reported late Tuesday that in the face of Republicans' unwavering obstruction, Senate Democrats are "considering changing the chamber's rules and allowing the debt limit to be increased with a simple majority."
"I fully expect it would cause a recession as well," added Yellen, who has voiced support for abolishing the debt limit outright.ĭemocrats Urged to Axe the Filibuster to Prevent 'Global Economic Crisis' In an interview on CNBC Tuesday morning, Treasury Secretary Janet Yellen said it would be "catastrophic to not pay the government's bills, for us to be in a position where we lacked the resources to pay the government's bills." Biden expressed concern that if Democrats include a debt ceiling measure in the reconciliation package, Republicans could easily gum up the works and "keep us on the floor for hundreds of amendments." "There's not much time left to do it by reconciliation," the president said, referring to the filibuster-proof process that Democrats are currently using to advance social spending and climate investments without GOP support. can legally borrow to cover its obligations. The debt ceiling is the amount of money the U.S. "Do it, Democrats."Įarlier Tuesday, Biden warned that there are "not many options" left for Democrats to raise or suspend the debt ceiling before October 18, the day the Treasury Department says it will exhaust its ability to prevent a default. "Good," progressive organizer Kai Newkirk tweeted in response to the president's remarks on the filibuster. Progressives viewed Biden's brief comments to reporters as a green light that Senate Democrats should take advantage of as their Republican counterparts, led by Minority Leader Mitch McConnell (R-Ky.), continue to obstruct efforts to suspend the debt limit and avert a potentially devastating economic crisis. It could destroy our credit, jobs, and family savings." "Senate Republicans are playing a dangerous game with the debt ceiling. is careening toward a default on its financial obligations.
After previously opposing such a move, President Joe Biden on Tuesday said it is a "real possibility" that Democrats will change Senate rules to exempt debt ceiling votes from the 60-vote legislative filibuster-a reversal that comes as the U.S.
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