“Since taking control of the House, the Senate and the White House at the beginning of this year, the majority has made repeated decisions to spend massive amounts of taxpayer dollars with only Democratic votes,” mentioned Representative Tom Cole, Republican of Oklahoma. “With that power also comes responsibility to effectively govern, and the majority has failed to do so.”
Understand the U.S. Debt Ceiling
What is the debt ceiling? The debt ceiling, additionally referred to as the debt limit, is a cap on the full sum of money that the federal authorities is allowed to borrow by way of U.S. Treasury payments and financial savings bonds to fulfill its monetary obligations. Because the U.S. runs finances deficits, it should borrow big sums of cash to pay its payments.
In a ground speech on Tuesday, Mr. McConnell made no point out of the deal he struck with Mr. Schumer to permit the rise to happen, however he famous that the debt ceiling can be raised solely with Democratic votes within the Senate. He additionally denounced Mr. Biden’s social security internet, local weather and tax package deal, warning that it might exacerbate inflation and lead to the buildup of extra debt.
“If they jam through another reckless taxing and spending spree, this massive debt increase will just be the beginning,” Mr. McConnell mentioned. “More printing and borrowing to set up more reckless spending to cause more inflation, to hurt working families even more.”
But Mr. McConnell has additionally fielded criticism from his proper flank for permitting Democrats to steer the nation away from a fiscal disaster.
“I’m sure this vicious tactic, the one used here, has not seen its last use — far from it,” mentioned Senator Mike Lee, Republican of Utah. “With a blank check and a new special procedure, Democrats are able to raise the debt ceiling by whatever amount they deem necessary to accommodate their destroy America bill.”
Former President Donald J. Trump railed in opposition to Mr. McConnell in a sequence of statements over the weekend, charging that the senator “didn’t have the guts to play the debt ceiling card, which would have given the Republicans a complete victory on virtually everything.”
Mr. Trump continued to urge Republicans to take away Mr. McConnell from his management position.
On Monday, Kelly Tshibaka, a hard-line conservative difficult Senator Lisa Murkowski, Republican of Alaska, pledged that she would not support Mr. McConnell if elected in 2022, citing his position within the debt ceiling course of.