Senate Minority Leader Mitch McConnell (R-Ky.) told Treasury Secretary Janet Yellen on the phone that he will not change his decision not to raise the debt limit, saying he opposes the $3.5 trillion budget settlement bill The Democratic Party can do its own reckless behavior.
“Leadership Duplicate For Secretary Yellen, he has publicly stated since July: This is a unified Democratic government with a reckless partisan tax and spending frenzy,” a McConnell spokesperson said Wednesday night. “They will have to do it themselves. Raise the debt ceiling, and they have the tools to do this. “
In a letter to congressional leaders last week, Yellen stated that she did not know the exact date when the funds were used up, but knew it would be before the end of the year, and urged leaders to increase the limit. According to estimates by the Congressional Budget Office, if the United States defaults on loans, social security, supplementary security income, and medical insurance funding may stop.
“Given this uncertainty, the Ministry of Finance cannot specifically estimate how long the extraordinary measures will last,” the secretary wrote (pdf) in the letter. “However, based on our best and latest information, the most likely outcome is that cash and unconventional measures will be used up in October. As more information becomes available, we will continue to keep Congress updated on the situation.”
Yellen warned that once the cash on hand and other available measures are exhausted, the United States “will be unable to fulfill its obligations for the first time in history.”
McConnell even said last week that if the Democrats want to continue to increase the national debt through reckless spending, they can raise the debt limit on their own.
“Since last year, inflation has surpassed the wage growth of ordinary workers. Employers are raising wages higher and higher, but their workers’ salaries are getting less and less. Family income and savings are being eroded before their eyes,” McConnell Er said in a press statement. “The Democrats have done this proudly on a partisan basis.”
McConnell wrote that the last $1.9 trillion rescue plan and the current rescue plan being considered by the Democrats are unnecessary, but will lead to inflation and job vacancies.
“As early as 2020, in the event of the COVID emergency, Congress worked across parties and passed a large-scale rescue plan jointly prepared by the Republicans and Democrats. Almost all serious experts agreed that we passed the last relief bill in December last year. After that, the economy is ready,” McConnell said. “But our Democratic colleagues want more.”
“As they have admitted from the beginning of the pandemic, they want to use the crisis to’reorganize things to adapt [their] Imagine. ‘From a temporary emergency… to permanent socialism,” he added.
Senate Majority Leader Chuck Schumer (DN.Y.) responded to McConnell’s statement, implying that they would not use the settlement process to increase the debt limit.
“Leader McConnell has been talking about new spending, and the Democratic Party is not doing this debt. This $5.5 trillion debt is all responsible for Trump, when McConnell was the majority leader. But some Republicans recklessly, irresponsibly, and politically overwhelmingly seem to be eager to push our economy to the brink of complete disaster by suggesting that they will oppose any effort to raise the debt ceiling,” Schumer said in a speech to the Senate on Tuesday.
Senator Elizabeth Warren (D-Mass.) also hit back at McConnell, saying that Republicans contributed to the national debt. She went on to say that they were bluffing and knew they needed to raise the ceiling to avoid dire financial consequences.
“So, my opinion on this is that Republicans know this. They are just playing politics, you know, they are deceiving us trying to see, they think they can get something out of it. As Democrats, we don’t get hooked, “Warren told MSNBC on Thursday.
Jack Phillips contributed to this report.
This News Originally From – The Epoch Times