Senate Republicans Disinformation After $ 480 Billion US Debt Cap Transaction | US Parliament

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Up Republican The Senate is trying to distort the reason why the country’s borrowing cap needs to be raised after withdrawing the blockade to avoid US default in a bipartisan way, so it is campaigning for disinformation that exceeds the debt cap. We are.

Thursday Senate Passed the bill To be able to raise the debt cap by $ 480 billion by early December, the Treasury estimates that it is sufficient for the government to temporarily avoid an unprecedented default of $ 28 trillion in debt. increase.

Senate majority leader Chuck Schumer announced that he had reached an agreement with Republican Senate minority leader Mitch McConnell the morning before its passage to pave the way for a short-term extension vote with GOP support. ..

The move came after McConnell made a tactical withdrawal to withdraw from a few weeks of refusal and allowed the Democratic Party to raise its debt cap by means other than a complex procedure called a settlement that required a partisan vote. rice field.

Texas Republican Senator Ted Cruz said on the floor: “Unfortunately, the Republicans blinked.”

And some Republicans objected to what they saw as an unnecessary victory speech by Senate majority leader Chuck Schumer after the deal, and West Virginia Democratic Senator Joe Manchin headed during his speech. And later called it “inappropriate.”

Speaker of the House Nancy Pelosi and majority leader Steny Hoyer Vote on Tuesday With a bill passed Thursday evening, the house returned from a break a week earlier.

But even when McConnell reached an agreement to stop the threat of default for the first time in history, the resolution to punt the issue until December addresses the core of the party’s stalemate over the deadlock and Republican misunderstandings. I didn’t do anything for it.

Democrats are likely to resume in two months, the central argument in GOP’s claim is party-line-based, as some argue that borrowing caps need to be raised for payments. The debt cap should be raised. Due to Biden’s financial challenges.

Republican Senator John Cornyn said in a recent press conference that if McConnell decides to spend at least $ 3.5 trillion on borrowed money, he will need to raise his debt cap to cover that debt. I told them. ” See the Democratic Party’s Social Expenditure Plan.

The Treasury has borrowed from the United States to fund projects such as Democratic Party social spending and infrastructure packages, which are currently expected to cost $ 1.9 to $ 2.2 billion by raising debt caps. I admit that I can continue.

But the ministry’s economists also said that attempts to portray the need to address debt caps in an effort to pay a Democratic budget resolution that has not yet passed parliament are false, according to sources familiar with the mechanism. It is said to be information.

The criticism comes primarily from the most important reason for raising the debt cap due to the fact that the United States needs to borrow new money to pay the principal and interest of about $ 8 trillion in debt generated during the Trump administration. increase.

In recent years, most of the increase in government bonds has come from the Republicans, and raising the debt cap simply allows the Treasury to pay off existing debt by taking on new debt. Sources said.

Senate Republican top misconceptions symbolize party leadership’s approach to the once nonpartisan issue to prevent members from being punished in ballot boxes for voters in Red State raising their debt caps in 2022. doing.

McConnell argued that Democrats need to tackle debt caps on a party-line basis through a settlement for weeks before exploring the cave on Wednesday, and at least 10 Republicans need to vote to raise debt limits. Was repeatedly blocked.

Republican minority leaders first filibuster against temporary funding measures to prevent both government closure and default, raising debt caps when trying to isolate Republicans from harsh votes. Filibuster against a single bill.

However, Democrats will use the settlement by the October 18 accounting deadline, fearing schedule difficulties and the possibility of abuse of two so-called voting Aramas that allow Republicans to submit unlimited amendments and poison bills. Excluded that.

The outlook for default in October this year has had disastrous consequences. Economists predict an immediate recession, the collapse of financial markets, where trillions have wiped out US household wealth and the unemployment rate has skyrocketed.

The Democratic Party said weeks of uncompromising Republicans to thwart measures to raise debt caps on a bipartisan basis also reflected the hypocrisy of the Republican position, and during the Trump era the Republicans went into debt without drama. He said he helped to work on it.

And only when Democrats began seeking to pass an independent debt bill in the Senate that would cut filibuster exceptions to Schumer on Wednesday, McConnell made a bipartisan proposal. I agreed.

“The argument that took place yesterday was that this could put more pressure on the changes in the filibuster rules than two Democratic senators can tolerate,” Republican Senator Lindsey Graham said. Mentioned McConnell’s arrangement to reject the move to partially abolish.

Joanna Walters contributed to the report

Senate Republicans Disinformation After $ 480 Billion US Debt Cap Transaction | US Parliament

Source link Senate Republicans Disinformation After $ 480 Billion US Debt Cap Transaction | US Parliament

The post Senate Republicans Disinformation After $ 480 Billion US Debt Cap Transaction | US Parliament appeared first on Eminetra.

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