Democrats planned a Wednesday vote in the Senate to suspend the U.S. debt ceiling, setting up yet another confrontation with Republicans that risks an economically crippling federal credit default
That would allow Democrats, who hold a razor-thin Senate majority, to suspend the federal government's $28.4 trillion borrowing cap without Republican votes.
But Democrats now are considering dropping the filibuster just for dealing with the debt limit, several senators said. Manchin declined to comment when asked about that possibility on Tuesday prior to Biden's statement. "They have the time to do it. And the sooner they get about it, the better," McConnell said at a news conference.The U.S. Capitol building on Capitol Hill, seen during sunset in Washington, U.S., September 30, 2021. REUTERS/Elizabeth Frantz
The Democratic-controlled House of Representatives voted last week to suspend the debt ceiling until the end of 2022. Republicans have said the unpleasant task of increasing the debt limit should be the responsibility of the party in charge. If they succeed in forcing Democrats to do so on their own, the issue would likely be fodder for attack ads against Democratic candidates in the 2022 congressional elections.
Even a close call would likely be damaging. A 2011 debt ceiling dispute, which Congress resolved two days before the borrowing limit was due to have been reached, caused stocks to tumble and prompted a first-ever credit downgrade for U.S. debt.Democratic Senator Mark Warner said Congress was already risking U.S. creditworthiness. "We're in the danger zone right now," he told reporters.
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