Congress is barreling toward a fight as soon as next month over raising the debt ceiling, creating a huge challenge for President Biden and Democratic leaders in Congress.
Under a 2019 deal during the Trump administration, Congress agreed to let the government borrow through July 31. The Treasury Department at that point can take what’s known as extraordinary measures to keep the government solvent, but it’s unclear how long it will be able to do this.
In the Senate, raising the debt ceiling is subject to the filibuster, meaning Democrats will need GOP support.
But GOP senators say they don’t expect their caucus to provide the 10 votes needed to hike the borrowing limit, which would set up a high-profile financial showdown with dramatic implications for the world’s economy.
Read more at The Hill.
{Matzav.com}
