The last time the problem surfaced, in August 2019, Congress and President Donald J. Trump suspended the debt ceiling until July 31 of this year. On August 2, the Treasury restored the debt limit to $ 28.4 trillion and the government passed it a few days later, less than seven months after President Biden took office.
Second, an increase in the debt ceiling will almost certainly require at least the consent of Senate Republicans to overcome an obstacle and get a vote. McConnell would like the Democrats to add a debt ceiling increase to the social policy bill, which is being drafted under budget rules that would allow the Senate to pass by 51 votes.
But the Democrats said weeks ago they wouldn’t. Given the difficulty of reaching an almost unanimous democratic agreement on the measure – and a series of procedural obstacles they would have to overcome – it would most likely be impossible to get to the plans of the House and Senate in time to avoid a fault.
Democrats say they have helped Trump and Republican leaders meet the debt limit and that fairness now dictates bipartisanship, especially on such a big issue. Hence the campaign of shame.
“If Senator McConnell and the Senate Republicans choose to default to avoid paying the debts they helped build under President Trump, it will devastate the economy and irreparably discredit the financial situation of our country, their party and theirs. themselves, ”said Justin Goodman, spokesman for Senator Chuck Schumer of New York, the majority leader, on Wednesday. “Senator McConnell will become the first person in history to force a default, and every American will know that the Republicans in the Senate are to blame.”
Mr. McConnell is not the only target of the Democrats; they say other Senate Republicans, such as Mitt Romney of Utah, Susan Collins of Maine, and Lisa Murkowski of Alaska, understand what’s at stake. Democratic leaders are likely to tie a debt ceiling increase to an emergency spending bill that includes funding for Hurricane Ida reconstruction, forest fire management and resettlement of Afghan refugees; they will then challenge Republican senators from Louisiana, Idaho and Montana and other interested lawmakers to vote no later than this month.
Biden budget 2022
Fiscal year 2022 for the federal government begins on October 1, and President Biden has revealed how much he would like to spend on that date. But any spending requires the approval of both Houses of Congress. Here’s what the plan includes:
- Ambitious total spending: President Biden would like the federal government to spend $ 6 trillion in fiscal year 2022 and total spending to reach $ 8.2 trillion by 2031. This would bring the United States to the most sustained federal spending levels since World War II. world, while posting deficits of over $ 1.3 trillion over the next decade.
- Infrastructure plan: The budget describes the president’s first year of investment in his American employment plan, which aims to fund improvements to roads, bridges, public transportation and more with a total of $ 2.3 trillion over eight years.
- Family package: The budget also touches on the other major spending proposal that Biden has already launched, his American Family Plan, aimed at strengthening the social safety net of the United States, expanding access to education, reducing costs for assistance. to childhood and supporting women in the labor market.
- Compulsory programs: As usual, mandatory spending on programs such as Social Security, Medicaid, and Medicare is a significant portion of the proposed budget. They increase as the US population ages.
- Discretionary expenses: Funding of individual agency and program budgets within the executive would reach approximately $ 1.5 trillion in 2022, a 16% increase over the previous budget.
- How Biden Would Pay It: The president would largely finance his program by raising corporate taxes and high incomes, which would begin reducing budget deficits in the 1930s. Administration officials said the tax increases will fully compensate for work and family projects over a 15-year period, which the budget required to support. Until then, the budget deficit would remain above $ 1.3 trillion annually.
Reputation aside, Mr. McConnell has already lost. In 2015, the Senate rejected his categorical opposition to reducing the federal government after September. 11 monitoring of US phone records. He promised this year to oppose a Senate organizational resolution to give Democrats control of the chamber unless the new majority promises to protect the legislative obstruction. Then he blinked.
[ https://www.newsrust.com/2021/09/as-gop-tackles-debt-ceiling-democrats.html https://d26toa8f6ahusa.cloudfront.net/wp-content/uploads/2021/07/30214746/a-quiet-place-part-2-bigs-16.pdf