News

Schumer & McCarthy Square Off Debt Ceiling Battle

The United States hit its debt ceiling on January 19, and Congress must raise the debt ceiling in the next few months to avoid economic catastrophe.

Until then, the federal government will rely on “extraordinary measures” to pay its bills.

Senate Majority Leader Chuck Schumer has indicated a desire to raise the debt ceiling and has directly called out the Republican-controlled House for plotting to obstruct his efforts.

“The plan is to get our Republican colleagues in the House to understand they’re flirting with disaster and hurting the American people. And to let the American people understand that as well. And I think we’ll win,” Schumer mentioned in an interview.

Subscribe!

A week of political news in your in-box.
We find the news you need to know, so you don't have to.

House Speaker Kevin McCarthy has insisted that the debt ceiling won’t be raised without major cuts to spending despite refusing to specify what he would target.

Still, Schumer is confident that Congress will raise the debt ceiling without conditions.

The last time the debt ceiling battle got dangerously close to ending in economic catastrophe was in 2011 during the Obama administration after the 2010 Tea Party wave.

In response to the fiasco, Standard & Poor’s (S&P) lowered America’s credit score for the first time in U.S. history. Treasury bonds were stripped of the prestigious credit rating agency’s list of risk-free borrowers, lowering the bond’s rating from “AAA” to “AA+” (one level lower). The company cited partisan strife and the unpredictability of American political institutions when making this decision.

Jakob Mieszkowski-Lapping

Recent Posts

Republican Seek To Make The Most Of Special Counsel Hur’s Biden Report

After an investigation that has spanned a year, carried out by Special Counsel Robert Hur,…

16 hours ago

New Congressional Map For New York Doesn’t Help Democrats As Much As Expected

A bipartisan re-districting committee in New York has approved a new congressional map that makes…

16 hours ago

After Oregon Supreme Court Bars GOP Senators From Running For Reelection, Republicans Vow To Appeal

Last week, the Oregon Supreme Court ruled that the ten Republican State senators who staged…

2 days ago

Trump Leads Biden by 7% In New National Poll

In a new Harvard CAPS-Harris poll, voters preferred former President Donald Trump to President Joe…

2 days ago

GOP Sen. J.D. Vance Says He Would Not Have Certified 2020 Election Results If He’d Been V.P.

Sen. J.D. Vance (R-Ohio) said that he believes the 2020 election was illegitimate and that he…

4 days ago

After Senate Passes Ukraine Aid Bill, House Works Its Own Alternative

After the Senate approved a $95 billion foreign aid package that would be split between…

4 days ago