WASHINGTON, Sept 14 (Reuters) – U.S. Senate Majority Chief Chuck Schumer urged the enterprise neighborhood on Tuesday to begin weighing in with Republicans on the risks 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 partaking in, Schumer, a Democrat, informed reporters on the Capitol.
There are estimates that someday in October the Treasury Division may run out of the way to borrow cash to finance authorities debt until Congress approves a brand new debt restrict.
Senate Republican chief Mitch McConnell has repeatedly mentioned Democrats ought to increase the debt ceiling on their very own. On Tuesday, McConnell mentioned: “Republicans are united in opposition to elevating the debt ceiling, not as a result of it does not have to be finished” however as a result of he believes Democrats ought to embrace it of their $3.5 trillion infrastructure invoice and go it with out Republican assist.
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 occasion.
“I believe in the end we are going to, after stops and begins – we are going to go a debt restrict of some variety. In any other case, the choice is just not good,” Shelby mentioned.
Reporting by Makini Brice, Richard Cowan and Doina Chiacu; Modifying by Leslie Adler and Grant McCool
Our Requirements: The Thomson Reuters Trust Principles.