Senate Minority Leader Mitch McConnell has said he will allow Democrats to pass a short term debt ceiling extension to fund the government to into December to avert a national default and potential economic crisis. McConnell previously opposed a debt ceiling increase but after pressure from Democrats and from President Biden, he shifted his stance. “To protect the American people from a near-term Democrat-created crisis, we will also allow Democrats to use normal procedures to pass an emergency debt limit extension at a fixed dollar amount to cover current spending levels into December. This will moot Democrats’ excuses about the time crunch they created and give the unified Democratic government more than enough time to pass standalone debt limit legislation through reconciliation,” said McConnell. “So in affect, he’s not going to block it, but won’t go on record supporting it, even though that’s exactly what he’s doing,” said Stephanie Brown, a democratic economic policy advisor.
The current debt the government is paying is actually for debts and obligations created from last year’s budget and spending under President Trump and all previous presidents before him that have outstanding items needing to be paid.
“I don’t agree with increasing the debt ceiling. We might spend out way out of the pandemic economic crisis, but it’s just passing the financial debt burden onto our kids and grandkids who will face tough choices on how to ration whatever spending is available as the price to pay our debts and interest will be ridiculously high, says Jean Frazier, a returned Chief Financial Officer and current financial lecturer. “I know we have current needs because of usual times during the pandemic, but it’s better to shift current spending around than to just rack up more debts.”
Ramon Soto, a retired economic professor at UCLA argues that “Republic fear-mongering about our debt is and old hack. Even with the debt levels we have now, we are still below level of many other modern, industrialized nations. Make the Republicans should not have passes a massive $1 trillion tax break under former President Trump and we would not have as much debt from willful policies.”