The last time the problem surfaced, in August 2019, Congress and President Donald J. Trump suspended the debt ceiling until July 31 of this year. On August 2, the Treasury reset the debt limit to $ 28.4 trillion, and the government crossed it a few days later, less than seven months after President Biden began in office.
Second, an increase in the debt ceiling will almost certainly require at least the consent of Senate Republicans to overcome an obstruction and get to the vote. Mr McConnell would like Democrats to add a debt ceiling increase to the social policy bill, which is being drafted under budget rules that would allow it to pass with 51 votes in the Senate.
But Democrats said weeks ago they would not. Given the difficulty of reaching a near-unanimous Democratic agreement on the measure – and a series of procedural hurdles they would have to overcome – it would most likely be impossible to get it to the House and Senate floors to time to avoid a fault.
Democrats say they have helped Mr. Trump and the Republican leadership meet the debt limit, and that fairness now dictates bipartisanship, especially on such a big issue. Hence the campaign of shame.
“If Senator McConnell and Senate Republicans choose to default to avoid paying the debts they helped accumulate under President Trump, it will devastate the economy and irreparably discredit the financial situation of our country, their party and them. same, “Justin Goodman, spokesman for Senator Chuck Schumer of New York, the majority leader, said Wednesday. “Senator McConnell will become the first person in history to force a default, and every American will know Senate Republicans are to blame.”
Mr. McConnell is not the Democrats’ only target; they say other Senate Republicans, such as Utah’s Mitt Romney, Maine’s Susan Collins and Alaska’s Lisa Murkowski, understand what’s at stake. Democratic leaders are likely to tie a cap increase from debt to an emergency spending bill that includes funding for the reconstruction of Hurricane Ida, forest fire management and the resettlement of Afghan refugees; they will then dare Republican senators from Louisiana, Idaho and Montana and other interested lawmakers to vote no later than this month.
Biden Budget 2022
Fiscal year 2022 for the federal government begins October 1, and President Biden has revealed what he would like to spend on that date. But any expenditure requires the approval of both houses of Congress. Here’s what the plan includes:
- Ambitious total expenditure: President Biden would like the federal government to spend $ 6 trillion in fiscal 2022 and total spending to reach $ 8.2 trillion by 2031. This would take the United States to its highest sustained levels of federal spending since World War II, while running deficits exceeding $ 1.3 trillion over the next decade.
- Infrastructure plan: The budget outlines the president’s first year of investment desired in his U.S. Jobs Plan, which aims to fund improvements to roads, bridges, public transportation and more with a total of $ 2.3 trillion dollars over eight years.
- Family package: The budget also addresses the other major spending proposal Biden has already rolled out, his U.S. Plan for Families, to strengthen the U.S. social safety net by expanding access to education, reducing costs. childcare and supporting women in the labor market.
- Compulsory programs: As usual, mandatory spending for programs like Social Security, Medicaid, and Medicare is a significant portion of the proposed budget. They increase as the American population ages.
- Discretionary spending: Funding for the individual budgets of executive agencies and programs would reach approximately $ 1.5 trillion in 2022, an increase of 16% over the previous budget.
- How Biden would pay him: The president would largely fund his agenda by raising taxes on corporations and high incomes, which would begin to reduce budget deficits in the 2030s. Administration officials said the tax increases would fully offset the projects. jobs and families over 15 years, which the budget request supports. Until then, the budget deficit would remain above $ 1.3 trillion each year.
Reputation aside, Mr. McConnell has already lost. In 2015, the Senate voted against its categorical opposition to the post-September federal government downsizing. 11 monitoring of US telephone records. He has vowed this year to oppose a Senate organizing resolution to give Democrats control of the chamber unless the new majority promises to protect legislative obstruction. Then he blinked.