Senator John Cornyn weighs in on debt ceiling update
WASHINGTON (Gray DC) - Thursday, Senators say they are on track to prevent the country from defaulting on its debt which economists say would save the U.S. from spiraling into a recession. This comes after a weeks-long standoff between Senate Democrats and Republicans.
The risk of the US defaulting on its already racked up bills- by mid-October- now is looking more like an issue for lawmakers come winter.
Senators say they have a deal to increase the nation’s debt ceiling which would allow for the country to pay its debts at least through December third.
Senate Minority leader Mitch McConnell announced he cut a deal where his side of the aisle won’t block Senate Democrats from raising the debt ceiling.
It’s a pause in the political standoff that could’ve led to default… and a national and global financial crisis.
Thursday Texas Senator John Cornyn said the standoff isn’t just about policy, politics plays a role too.
“Well I know it shocks everybody that politics is involved in anything that happens here in Washington D.C. But obviously the Democrats have an agenda that we don’t agree with, and why would we facilitate that agenda by raising the debt ceiling for example as long as we know they can do it by themselves, which they can,” said Cornyn.
Cornyn said that Republicans want to get Democrats to commit to a debt ceiling number… so Democrats can be held accountable for planned spending ahead of the 2022 elections.
If the deal is finalized the extension is essentially a band aid on a problem that will pop right back up around the end of next month.
Senators from both parties say even with the extension they’re already facing a tight deadline to avoid a default in December.
The U.S. has never defaulted on its debt and according to the nonpartisan Committee for a Responsible Federal Budget the debt ceiling has been modified nearly 100 times since World War Two.
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