“Absolutely Required” US Borrowing Authority Increase
US Treasury Prime Minister Janet Yellen said on Sunday that Congress would “absolutely increase the state’s borrowing power” even if the looming threat of the government’s first-ever default on government bills was mitigated until the start. December. It was “the essential”.
Yellen told ABC that “it would be catastrophic” if the United States did not raise the current cap of nearly $ 29 trillion in government bonds. “this week” spectacle.
Yellen said the United States would run out of money to foot the bill on Oct. 18, but Republican and Democratic Senate leaders last week had a debt cap to foot the government bill by December 3. They agreed to raise $ 480 billion for emergencies. The controversial political debate in Washington over expanding government borrowing powers could be renewed.
Republican Senate Leader Mitch McConnell and 10 other Republicans voted in a 50-48 party line vote last week to clear the way for Democratic senators to increase the government’s borrowing power.
McConnell also said he would not work with the opposition Democratic Party to raise the debt ceiling in December. He called on Democrats to raise it themselves through a legislative process known as regulation in which Democrats could vote to raise the debt ceiling, without the threat of Republicans obstructing it.
Previous Democrats have been reluctant to use the settlement process because it is tedious and time consuming. They also say the country’s long-term debt is under the control of both the White House and Republicans and Democrats in Congress, so Republicans should join them in raising their debt limits.
The United States is virtually alone in the nations of the world, covering government spending. However, Yellen chronically spends more than the U.S. government collects in taxes, so that number has increased 70-fold since 1965 to reach a certain amount or within a year or two. He said it had completely stopped.
She called for the debt ceiling to be lifted, but it is unnecessary and unnecessary for the enemy to claim that Republicans and Democrats view it as a political tactic for American victory. This is unlikely, as they have repeatedly accused each other of spending.
“We have to share the responsibility (for raising the debt ceiling), not just one party,” Yellen said. “It is the responsibility of Congress.
“We need to reassure the world that the United States is financially responsible,” she said, adding that if borrowing power is not increased by December 3, it will be a “crisis of self-harm “. paddy field.
She said if debt ceilings were not raised, 50 million older Americans could not receive government retirement benefits, saying, “Our troops will pay or they will be paid.” You do not know. »30 million families benefiting from tax credits for children, their payments will be at risk. “