For 2 decades now, lawmakers in Washington have been waging an escalating display of brinkmanship over the ability of the federal government to borrow money. They have forced the administrations of both parties to take action. It is pushing the nation close to economic calamity with a political game. But they have never stopped the US from default.
The dance is keeping up with the repetition of this fall. But this time, the dynamics are quite different, and the threat is even greater than before.
Republicans in Congress have refused to help the debt limit of the nation. Republicans agree that the US must pay its bills. But on Monday, they are expecting to block a measure in the Senate Which would enable the government to do so. Democrats are insistent that republicans help to pay for the past decisions that can boost spending and cut taxes. But they have refused to use any special process to raise the limit on their own.
Observers are worried about the recovery of the economic nascent during the pandemic downturn. If the limit has not been raised or suspended, officials at the Treasury Department warned that the government would exhaust its ability to borrow the money. It is further forcing the officials to choose between the missing payments on the military salaries,
Republicans have further threatened to filibuster any of the Senate Democrats’ attempts to pass a simple bill to increase its browsing. Other party leaders like Senator Mitch McConnell of Kentucky want to force Democrats to raise their limit with a fast-track congressional process.
The pandemic is continuing to ravage the US frequently, which is disrupting the economic activity and the taxes that the government collects. It is further complicating the ability of the Treasury to gauge its cash flow. Amidst the uncertainty, congressional leaders and Biden are not attempting to negotiate any resolution. It is further making the political game more intense. They are sparring over who should be saddled with a vote that can be used further to raise odds that can be partial stubbornness.