Republicans set the stage for another debt ceiling showdown


The Congressional Budget Office on Wednesday warned that the Treasury Department "would probably run out of cash sometime" in October or November 2021 if Congress doesn't raise the debt ceiling from 22 trillion or extend a suspension on a limit enacted back in 2019.
Until then, the CBO said, the government could rely on "extraordinary measures" to keep paying its bills. But, ultimately, the question will come down to legislation — and it seems a showdown is brewing. Democrats want to raise the ceiling, but Republicans are unlikely to vote for an increase. Senate Minority Leader Mitch McConnell (R-Ky.) suggested to Punchbowl News on Wednesday that Democrats should include the measure in the $3.5 trillion budget deal they plan to pass through the process of reconciliation.
McConnell was quickly criticized by Senate Democrats, including Sen. Ron Wyden (D-Ore.), who argued his opposition was a sign of hypocrisy, since the GOP got behind raising the ceiling when former President Donald Trump was in office. "Nobody is going to hold the American economy hostage," Wyden said, per The Washington Post.
The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
The Post notes that McConnell's comments "immediately invoked the specter of 2011, when [Republican] lawmakers similarly embarked on a game of brinkmanship over the debt limit under [former] President Barack Obama." That "nearly pushed the nation to default, a doomsday scenario in the eyes of economists that could wreak havoc globally," the Post writes. Read more at The Washington Post.
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Tim is a staff writer at The Week and has contributed to Bedford and Bowery and The New York Transatlantic. He is a graduate of Occidental College and NYU's journalism school. Tim enjoys writing about baseball, Europe, and extinct megafauna. He lives in New York City.
-
Can US tourism survive Trump's policies?
Today's Big Question The tourist economy is 'heading in the wrong direction'
-
September's books tell of friendship in middle age, teachers versus fascists, and Covid psychosis
the week recommends September books include Angela Flournoy's 'The Wilderness,' Randi Weingarten's 'Why Fascists Fear Teachers' and Patricia Lockwood's 'Will There Ever Be Another You'
-
'Total rat eradication in New York has been deemed impossible'
Instant Opinion Opinion, comment and editorials of the day
-
Epstein accusers urge full file release, hint at own list
speed read A rally was organized by Reps. Ro Khanna and Thomas Massie, who are hoping to force a vote on their Epstein Files Transparency Act
-
Court hands Harvard a win in Trump funding battle
Speed Read The Trump administration was ordered to restore Harvard's $2 billion in research grants
-
Florida aims to end all state vaccine requirements
Speed Read Health Secretary Robert F. Kennedy Jr. continues to cut vaccine access and install anti-vaccine activists at the FDA and CDC
-
Can Trump put his tariffs on stronger legal footing?
Today's Big Question Appeals court says 'emergency' tariffs are improper
-
US kills 11 on 'drug-carrying boat' off Venezuela
Speed Read Trump claimed those killed in the strike were 'positively identified Tren de Aragua Narcoterrorists' shipping drugs to the US
-
Trump vows to send federal forces to Chicago, Baltimore
Speed Read The announcement followed a California judge ruling that Trump's LA troop deployment was illegal
-
Trump crypto token launch earns family billions
Speed Read The World Liberty Financial token is now the Trump family's 'most valuable asset'
-
RFK Jr. names new CDC head as staff revolt
Speed Read Kennedy installed his deputy, Jim O'Neill, as acting CDC director