WASHINGTON — The fight over extending the federal debt ceiling is ongoing in the Senate.
Majority Leader Chuck Schumer accused Republicans of threatening the good faith and credit of the U.S. government. He warned that defaulting on debt obligations could have disastrous economic consequences.
Minority Leader Mitch McConnell said Democrats must curb their spending plans. He called it a “reckless taxing and spending spree” and a “Trojan Horse for permanent socialism.”
McConnell noted Senate Republicans will refuse to support an extension of the debt limit, saying Democrats are in the majority and can do it without them.
However, 60 votes are needed in the 50-50 Senate to approve the legislation. McConnell said Democrats could get around that by going through a budget reconciliation process, which requires a simple majority. Democrats want to extend the debt limit through most of next year, along with a bill extending government funding beyond September 30th.
The Treasury Department has warned of a potential default next month without an extension of the debt limit.
