McConnell sends warning shot across Democrats’ bow on debt ceiling
Repost from 7-23-2021
“Senate Minority Leader Mitch McConnell is taking a very hard line on the debt ceiling. His message — if Senate Democrats want to raise the debt ceiling, they’re going to have to do it themselves because no Republicans will vote for it in the current ‘environment’ on Capitol Hill.”
USAGOLD note: Though somehow, someway Congress always gets the debt ceiling passed, this time around things could get dicey given the extraordinary level of government spending over the past 18 months. The Republicans appear to be intent on sending a message to the Biden administration. “I can’t imagine a single Republican in this environment that we’re in now,” says McConnell in a strongly worded statement, “– this free-for-all for taxes and spending — to vote to raise the debt limit.” Back in 2011, when the debt ceiling became a major point of contention in Congress, Standard & Poor’s downgraded the U.S. credit rating from AAA to AA+. A similar event could generate an earthquake in the already shaky bond market.