Credit & Debt

Lawmakers in Washington are working to pass a debt limit suspension before government funding runs out, which could happen as soon as Oct. 18, according to Treasury estimates.

President Biden ripped into Senate Republicans on Wednesday for their "dangerous and disgraceful" blockade of a debt ceiling suspension, shortly before Senate Minority Leader Mitch McConnell announced a compromise deal in order to avoid the first-ever default this month.

President Joe Biden told reporters Tuesday that it’s a “real possibility” Democrats could use a “nuclear option” to prevent Republicans from filibustering their plan to raise the debt ceiling.

Sen. Susan Collins suggested this week that some Republican lawmakers could support an effort to raise the debt ceiling if Democrats agreed to abandon President Biden's $3.5 trillion bill.

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Treasury Secretary Janet Yellen said in a Tuesday interview on CNBC that a debt ceiling increase must happen, and refused to take the budget reconciliation process off the table to do it.

Senate Republicans are promising to filibuster any effort to raise the debt limit, but Democrats are refusing to do it on their own.

The Treasury Department has taken extraordinary measures to avoid a financial crisis since the previous debt issuance suspension period expired. But without a new debt limit, the federal budget will hit reach the debt ceiling.

Sen. Mitch McConnell, R-Ky., blocked Senate Majority Leader Chuck Schumer, D-N.Y., in his bid to bypass a GOP filibuster and raise the debt ceiling with a simple majority vote on Tuesday afternoon.

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Both parties acknowledge the serious risks of their debt ceiling standoff, but neither is inclined to budge amid the high-stakes political posturing.

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The House could act as early as this week, as Democrats rush to avert a government shutdown and avoid a debt default, while simultaneously crafting a partisan $3.5 trillion tax and spending bill.

The House will vote this week on a measure to suspend the nation's $28 trillion debt ceiling before the federal government runs out of cash to pay its bills in October.

Treasury Secretary Janet Yellen renewed her call for Congress to raise or suspend the nation's debt before October, warning that failure to do so could trigger an unprecedented financial crisis in the U.S.

The Biden administration is warning state and local governments about drastic cuts to Medicaid, food stamps, disaster relief and other federal programs if Congress fails to raise or suspend the debt ceiling soon.

Senate Minority Leader Mitch McConnell rejected a request by Treasury Secretary Janet Yellen for Republicans to join Democrats and raise or suspend the debt ceiling before the federal government runs out of cash to pay its bills in October.

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