Mitch McConnell (R-KY), the Senate Minority Leader, has recently stated that Republicans will jointly stand against increasing the debt limit. McConnell’s remarks emerge as several individuals worry about raising the debt limit, especially if it will enable Democrats the opportunity to ram a highly partisan, $3.5T spending package through the House. McConnell also observed that the Democrats appear to have no interest in doing anything with Republican support, aside from raising the current debt limit.
Democrats could theoretically increase the debt limit through including legislation in the spending package. however, both House Speaker Nancy Pelosi (D-CA) and Senate Majority Leader Chuck Schumer (D-NY) currently oppose this option. Due to this opposition, the only way Democrats will be able to increase the debt ceiling is through bipartisan support.
However, Democrats continue questioning why the Republicans continue avoiding agreement. McConnell notes that the most serious issue is not because increasing the debt ceiling “doesn’t need to be done”; instead, the most serious issue is the extremely aggressive spending agenda, which is highly concerning.
McConnell notes that Democrats in D.C. have spent multiple trillions upon trillions “on pet liberal projects,” and in doing so “wasting money like there’s no tomorrow.”
Consequently, “American families are hurting,” McConnell stated.
Senator Rick Scott (R-FL) has also openly stated his opposition to increasing the nation’s national debt, noting that US taxpayers are unwilling to pay for this increase. The Florida senator also informed reporters that Democrat proposals for buying treasury funds appear unwise during standoffs over increasing the debt ceiling during Congressional debates.
Scott also noted that American bonds may decrease in value as a result of high political uncertainty moving forward. In the past, Scott has levied strong criticisms against the “reckless tax and spending agenda” favored by the Democrats, especially when American taxpayers generally do not support the Democrats’ fiscal proposals.
Scott added that Democrats deliver a perception of the federal government being able to endlessly borrow money, while Americans cannot do so “in their own personal lives.”
Even more problematically, massive spending has led to massive inflation, which in turn has increased gas prices, food prices, car prices, and other consumer necessities.
However, “the Biden administration does nothing about it,” Scott proclaimed.
In the meantime, if the funding legislation is not able to be passed by the end of September, the government may face another shutdown.