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, though it’s unclear how long it will be able to do so.
In the Senate, raising the debt ceiling is subject to the filibuster, meaning Democrats will need GOP support.
WATCH: THE AG'S RAN ON "GETTING" TRUMP
But GOP senators declare 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.
“I’d say it’s unlikely,” noted Sen. John Thune (S.D.), the No. 2 Senate Republican, about the likelihood that enough Republican support raising the debt ceiling.
WATCH: THE TIMING OF TRUMP'S TRIAL, WHY NOW?
Sen. Roy Blunt (R-Mo.), another member of leadership, argued that lawmakers typically use the debt ceiling “to try to figure out some mechanism to control future debt.”
“I would think it’s likely to get 10 Republicans you’re going to have to do some kind of spending reform to get a debt ceiling increase,” he added.
SECURITY IN OVERDRIVE: HOME DEPOT'S UNCONVENTIONAL RESPONSE TO NEW YORK'S CRIME CRISIS
Rep. Jim Banks (R-Ind.), the chairman of the House Republican Study Committee, issued a memo to his members outlining demands they could make in exchange for raising the debt limit later this year.
“Given the worsening fiscal outlook for the federal government and at least three-and-a-half more years of President Biden proposing trillions and trillions of dollars of deficit-financed spending, it is more important than ever for conservatives to reclaim the debt limit as a tool to highlight and force action on our nation’s spending problem,” Banks wrote.
WHITE HOUSE WEIGHING GAME-CHANGING SHIFT IN IMMIGRATION POLICY
This is the latest sign from Republicans that they are bracing for an all-out fight over any attempt by Democrats to increase the debt ceiling without making spending cuts or reforms.
Democrats are brushing off the threats, warning that it would backfire on Republicans politically by threatening to roil the markets and injecting a huge dose of fiscal uncertainty just as the country is coming out of a year-plus pandemic that put the economy on shaky grounds.
THREAT OR PROMISE? DEMOCRATIC HOPEFUL'S CONTROVERSIAL MESSAGE: "DIE MAGA DIE"
Sen. Chris Murphy (D-Conn.) warned that it would be “political suicide” if Republicans risked a debt default by refusing to help raise or suspend the debt ceiling.
“I’m not sure Republicans are going to want to risk the catastrophe that would occur,” Murphy said. “I think we’ve gotten to a good place where we understand you can’t negotiate on the debt ceiling.”
TUCKER CARLSON TELLS JOE ROGAN WHAT POLITICIANS ARE SO AFRAID OF TODAY...
The debt ceiling will automatically kick back on Aug. 1. It’s not an ideal time for Congress, given that it comes amid the summer recess season when lawmakers are itching to get out of town if they haven’t dispersed from Washington already.
The House is scheduled to leave Washington at the end of July and not hold votes again until Sept. 20. The Senate, meanwhile, is scheduled to leave Aug. 6 and return Sept. 13.
Discover alternative ideas that will make you think
Engage in mind bending debate
Earn points, rise in rank, have fun
