Nancy Pelosi wants House Democrats to try to raise the debt ceiling before the current session of Congress ends in order to prevent a Republican-controlled House from using the debt ceiling as a bargaining chip.
Nancy Pelosi said Democrats would try to raise the debt ceiling. The photo was taken by Chip Somodevilla.
Pelosi told George Stephanopoulos on ABC's This Week that Democrats' best chance of raising the debt limit is now.
The battle over the U.S. borrowing limit will be used to cut Social Security spending and reduce benefits, according to Pelosi.
Democrats will retain control of the Senate for another two years, which Pelosi said improved their chances of raising the debt ceiling in the next session of Congress.
At some point next year, the debt ceiling will be reached by the federal government. If Congress doesn't authorize more borrowing, it could lead to the government not being able to pay its debts, which would hurt the economy. Kevin McCarthy said in October that Republicans would refuse to raise the U.S. borrowing limit without more spending cuts. Democrats are concerned that Medicare, Medicaid and Social Security could be on the chopping block. McCarthy is running for House Speaker if Republicans win the majority in the lower chamber.
$3 billion. The borrowing limit is the current U.S. Congress will need to raise the limit again next year in order to prevent the government from going broke.
The debt limit should be increased before the new congressional session begins, according to the treasury secretary and senator. In an interview with The New York Times on Saturday, she said she was in favor of Congress raising the debt ceiling and that the new limit should stay in place for the duration of Biden's term. Failing to raise the debt limit would be a self-destructive blow to the economy. In an op-ed in the Times published after Democrats won control of the Senate on Saturday, Warren urged them to lift the borrowing cap.
The GOP is threatening to raise the debt ceiling.
The Biden officials are talking about the debt ceiling deal.
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