Hours after threatening the Senate’s October recess, Majority Leader Chuck Schumer announced a third vote to raise the debt ceiling and avert a federal default.
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Hours after threatening the Senate’s October recess, Majority Leader Chuck Schumer announced a third vote to raise the debt ceiling and avert a federal default. “I will soon file cloture on the House-passed proposal to suspend the debt limit until December of 2022,” he said during Monday floor remarks. Republicans have twice blocked legislation that would raise the debt ceiling, while Senate Minority Leader Mitch McConnell has called on Democrats to use the budget reconciliation process to pass the increase without Republican help. Schumer wrote Monday in a letter to Senate Democrats that “ the Senate will likely be forced to remain in session over this weekend, and possibly through the recess,” to raise the debt ceiling. Secretary of the Treasury Janet Yellen has estimated that Congress must raise the debt ceiling by Oct.18 to avoid a default, which could lead to a stock market crash, worldwide economic shocks and the pause of government benefits like Social Security.
