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Tuesday, March 28, 2023

Yellen presses Congress to raise debt ceiling through ‘regular order’

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Treasury Secretary Janet YellenJanet Louise YellenCryptocurrency clash complicates infrastructure bill’s path forward Delta variant casts shadow on upcoming jobs report McConnell: GOP will block debt limit hike if Democrats pursue spending plans MORE on Monday urged Congress to raise the debt ceiling through “regular order,” the same day Democrats plan to unveil their multi-trillion budget resolution which will potentially include instructions for raising the debt limit.

“In recent years Congress has addressed the debt limit through regular order, with broad bipartisan support. In fact, during the last administration, Democrats and Republicans came together to do their duty three times. Congress should do so again now by increasing or suspending the debt limit on a bipartisan basis,” Yellen said in a statement.

Yellen’s statement, which is the first public stance the Biden administration has taken on the issue, comes just over one week after the two-year deal to suspend the debt ceiling expired, reimposing the legal limit on how much debt the U.S. government can owe.

The Treasury Department is now using what it refers to as “extraordinary measures” to stop the U.S. from defaulting on its debt.

President BidenJoe BidenTop aide to Cuomo resigns Berlin nightclubs take part in COVID-19 pilot project Lead pipe replacement funds in bipartisan deal draw skepticism MORE will likely have to address the debt ceiling in October or November and either raise or suspend the limit. That deadline, however, has already set the scene for a high-stakes battle between Democrats and Republicans.

Republicans have suggested to Democrats that they should include a debt-ceiling increase in their multi-trillion-dollar reconciliation bill, which they plan to pass through a budget resolution to avert a Republican filibuster by only requiring a simple majority for passage.

The suggestion has come with the threat from top GOP lawmakers, including Senate Minority Leader Mitch McConnellAddison (Mitch) Mitchell McConnellCalifornia’s crazy politics need a fix GOP senator vows to slow-walk T infrastructure bill, sparking standoff McConnell urges Biden to withdraw embattled ATF nominee MORE (R-Ky.), that Republicans will not support raising the debt limit if Democrats go through with their infrastructure package.

Democrats are set to unveil that package on Monday. They released a framework last month that came with a $3.5 trillion price tag.

It is not yet known if the budget resolution includes instructions for lifting the debt limit.

Congress raised or suspended the debt ceiling three times under the Trump administration.


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