Senate Minority Leader Mitch McConnell is engaged in a public, and at times heated, standoff with President Biden over who is to blame for the stalemate over the debt ceiling.
From Mitch McConnell:
Democrats need to tackle the debt limit. We gave them a road map and three months’ notice. I suggest that our colleagues get moving.
In a letter to the White House, McConnell bolstered his argument:
Bipartisanship is not a light switch that Speaker Pelosi and Leader Schumer may flip on to borrow money and flip off to spend it. Since your party wishes to govern alone, it must handle the debt limit alone as well.
President Biden Supports Taking Responsibility?
In the letter, McConnell referenced Joe Biden’s own history on the issue:
In 2003, 2004, and 2006, Mr. President, you joined Senate Democrats in opposing debt limit increases and made Republicans do it ourselves.
You explained on the Senate floor that your ‘no’ votes did not mean you wanted the majority to let the country default, but rather that the President’s party had to take responsibility for a policy agenda which you opposed. …
Your view then is our view now.
The consequences of failing to address the debt limit (a step required by law)?
- Tank the country’s credit
- Raise interest rates
- Impact social security checks
Mitch McConnell for months has pressured Democrats to act on the debt limit on their own through the complex budget process known as reconciliation.
A Filibuster-Proof Way Out
President Biden and Senate Majority Leader Chuck Schumer have long resisted reconciliation because it would take up valuable Senate floor time.