Fox News reports that Schumer decided to share projections about what might happen with the financial markets and more if the debt ceiling gets breached.
This move was an attempt to pressure Senate Republicans to bend to the will of Senate Democrats and agree to pass a debt ceiling increase despite opposition from many Senate Republicans.
Fox News reports that the top four Congressional leaders and President Biden originally planned a Friday meeting. However, that meeting got called off on Thursday. This cancellation signals that discussions between Congress and the White House have not yielded the results that all parties hope to come to.
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Schumer wrote the following about the situation:
“Earlier this week, I met with President Biden, Speaker [Kevin] McCarthy, Leader [Mitch] McConnell, and Leader [Hakeem] Jeffries to discuss the pressing need to avoid the nation’s first ever-default. Our message to our Republican colleagues was plain and simple: Take Default Off the Table.”
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He also encouraged his colleagues to share a Democrat-backed report that blames the feat of Republicans for a potential debt ceiling breach. The report suggests these are “threats to cause a default that could trigger a massive recession that would cost 8.3 million Americans their jobs.”
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Schumer wrote the following:
“For a fulsome analysis of the fallout of default, I encourage you to read the updated Joint Economic Committee report and to share the sobering findings far and wide with your constituents in your state.”
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Republicans have held that they will not raise the debt ceiling without getting accompanying spending cuts to attend to those measures. They want to bring down some of the excessive government spending the country has engaged with for many years. Democrats have insisted on a “clean” debt ceiling increase. They want to see an increase in the $31.4 trillion debt and obligations of the U.S. Federal government.
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Fox News reports that Washington is on a time crunch with this one as there are fewer than a week’s worth of days when the President and all of Congress will be in town at the same time before potentially breaching the debt ceiling on June 1.
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