Senate Minority Leader Mitch McConnell (R-KY) said that Republicans in the Senate will likely not vote in favor of raising the debt ceiling.
As The Daily Wire reported, Treasury Secretary Janet Yellen urged House Speaker Nancy Pelosi (D-CA) in July to protect “the full faith and credit of the United States” by extending Congress’ 2019 suspension of the debt ceiling — which bars the federal government from taking on a certain level of debt. Congress did not vote on continuing the suspension, prompting Yellen to take “extraordinary measures” to fund the federal government.
“If Congress has not acted to suspend or increase the debt limit by Monday, August 2, 2021, Treasury will need to start taking certain additional extraordinary measures in order to prevent the United States from defaulting on its obligations,” she explained in a letter. “The period of time that extraordinary measures may last is subject to considerable uncertainty due to a variety of factors, including the challenges of forecasting the payments and receipts of the U.S. government months into the future, exacerbated by the heightened uncertainty in payments and receipts related to the economic impact of the pandemic.”
McConnell recently indicated that any vote to suspend the debt ceiling would have to be led by Democrats.
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