(TheRedWire.com) – Senate Majority Leader Charles Schumer (D-N.Y.) has speculated that the Democrats would win the battle for the debt ceiling.
Schumer has criticized House Republicans for seeking spending cuts from Democrats and the White House before agreeing to raise the debt limit. He also added that what the GOP is doing could cause a “disaster.” Schumer during an interview with Politico pointed out that the current plan was to show the Republicans in the House that what they were doing was “flirting with disaster” and that it would be the American people who could end up hurt. He added that this is something that Americans already understand, which is why he believed that it would be the Democrats that would win.
Earlier in January, the U.S. hit the debt ceiling, that is the borrowing limit of around $31.4 trillion. Lawmakers now have until June to put together a plan as well as increase the debt ceiling. If this does not happen then the country will be unable to pay off its bills, meaning that the U.S. will default.
Treasury Secretary Janet Yellen has already warned that while they can keep the country afloat with extraordinary measures until June if the country defaults then the country would spiral into a recession, which could mean an economic disaster. However, despite the warnings, many lawmakers continue to be bargaining instead of agreeing to increase the debt limit. The democrats want the debt ceiling to be increased without giving anything or having any strings attached, while the Republicans maintain that spending cuts should be a part of the deal.
Copyright 2023, TheRedWire.com