WASHINGTON (Reuters) – U.S. Senate Majority Chief Chuck Schumer urged the enterprise neighborhood on Tuesday to begin weighing in with Republicans on the hazards of not elevating the debt ceiling to keep away from a authorities default or partial authorities shutdown.
“That is dangerous enterprise and harmful enterprise” that Republicans are participating in, Schumer, a Democrat, instructed reporters on the Capitol.
There are estimates that someday in October the Treasury Division might run out of how to borrow cash to finance authorities debt except Congress approves a brand new debt restrict.
Senate Republican chief Mitch McConnell has repeatedly stated Democrats ought to increase the debt ceiling on their very own. On Tuesday, McConnell stated: “Republicans are united in opposition to elevating the debt ceiling, not as a result of it doesn’t should be finished” however as a result of he believes Democrats ought to embody it of their $3.5 trillion infrastructure invoice and cross it with out Republican help.
Nonetheless, Senator Richard Shelby, the senior Republican on the Senate Appropriations Committee, expressed optimism to reporters on Tuesday that Congress would approve a debt ceiling enhance in a well timed method, regardless of the opposition from many lawmakers in his social gathering.
“I feel in the end we are going to, after stops and begins – we are going to cross a debt restrict of some form. In any other case, the choice isn’t good,” Shelby stated.
Reporting by Makini Brice, Richard Cowan and Doina Chiacu; Enhancing by Leslie Adler and Grant McCool