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McConnell says fight against debt ceiling ‘is irrelevant’ will cause financial crisis

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https://sputniknews.com/20230119/mcconnell-not-concerned-debt-ceiling-fight-will-cause-financial-crisis-1106506097.html

McConnell: Struggle against ‘unaffected’ debt ceiling will cause financial crisis

McConnell: Struggle against ‘unaffected’ debt ceiling will cause financial crisis

U.S. Senate Minority Leader Mitch McConnell (R-KY) is not overly concerned about the possibility of the U.S. government defaulting on its debts, he said Thursday as the showdown over spending public was entering a new stage.

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U.S. Senate Minority Leader Mitch McConnell (R-KY) is not overly concerned about the possibility of the U.S. government defaulting on its debts, he said Thursday as the showdown over spending public was entering a new stage. think the important thing to remember is that America should never default on its debt. It never has been and it never will be,” he said. “We will end up with some kind of negotiation with the administration on the circumstances or the conditions under which the debt ceiling [will] be increased. His comments came after US Treasury Secretary Janet Yellen announced that she had begun implementing ‘extraordinary measures’ to continue paying some essential payments as Congress failed to pass a new bill raising the debt ceiling by $31.4 trillion on time. The cap was created by Congress during World War I as a way to simplify war financing, but in recent years conservatives have used it as a way to coerce liberals into accepting deep spending cuts in the social programs that they could not implement through typical legislative methods. A showdown in 2011 resulted in an agreement just hours before the United States defaulted on its debt, triggering a downgrade in its credit rating. This time around, however, it’s the new Speaker of the House, Rep. Kevin McCarthy (R-CA), who is pushing the fight. After a bitter factional fight stalled his ascent to the president’s seat for days earlier this month, McCarthy wooed a group of far-right party dissidents by promising a showdown over the debt ceiling . However, McCarthy tried to frame the issue as a failure of the White House to reasonably negotiate with the Republican-controlled House. Oddly, so far he hasn’t come up with any kind of list of demands to cut spending. Speaking to US media on Wednesday, he compared Democrats to a kid with a credit card spending money irresponsibly. you gave them a credit card, and they kept hitting the limit — you wouldn’t keep raising it,” McCarthy said. “Would you like to see what you’re spending your money on first?” How can we cut objects?”

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us government, us senatorial minority leader, mitch mcconnell, debt ceiling

us government, us senatorial minority leader, mitch mcconnell, debt ceiling

After the United States hit its ‘debt ceiling’ on Thursday, the Treasury took so-called ‘extraordinary measures’ to continue paying government debts, even if they will only last a few months before a unavoidable fault from occurring.

U.S. Senate Minority Leader Mitch McConnell (R-KY) is not overly concerned about the possibility of the U.S. government defaulting on its debts, he said Thursday as the showdown over spending public was entering a new stage.

“No, I wouldn’t be concerned about a financial crisis,” McConnell told reporters at an event in Kentucky, adding that raising the debt ceiling is “still a pretty controversial effort.”

“At the end of the day, I think the important thing to remember is that America should never default on its debt. It never has and it never will,” he said. “We will end up with some kind of negotiation with the administration on the circumstances or the conditions under which the debt ceiling [will] to be raised.”

His comments came after the US Treasury Secretary Janet Yellen announced it had begun implementing ‘extraordinary measures’ to continue paying some essential payments, as Congress failed to pass a new bill raising the debt ceiling by $31.4 trillion in time .

What are the “extraordinary measures” of the US Treasury that can delay the disaster of the debt limit?

The cap was created by Congress during World War I as a way to simplify war financing, but in recent years conservatives have used it as a way to coerce liberals into accepting deep spending cuts in social programs they could not implement through typical legislative methods. A showdown in 2011 resulted in an agreement just hours before the United States defaulted on its debt, triggering a downgrade in its credit rating.

McConnell is no stranger to such fights, having threatened a similar showdown in 2021, the last time the debt ceiling was raised. Instead, the GOP Senate leader made an agreement with Majority Leader Chuck Schumer (D-NY) for a quick vote, but promised that would be the last time he would allow Democrats to raise the cap.

This time around, however, it’s the new Speaker of the House, Rep. Kevin McCarthy (R-CA), who is pushing the fight. After a bitter factional struggle blocked his rise to the president’s seat for days earlier this month, McCarthy courted a far-right group party dissidents by promising a confrontation over the debt ceiling.

However, McCarthy tried to frame the issue as a failure of the White House to reasonably negotiate with the Republican-controlled House. Oddly, so far he hasn’t come up with any kind of list of demands to cut spending.

Sen. Lindsey Graham, RS.C., speaks during a Senate Budget Committee hearing to discuss President Joe Biden's budget request for fiscal year 2022 Tuesday, June 8, 2021, on Capitol Hill in Washington - Sputnik International, 1920, 08.10.2021

‘We shot ourselves in the foot’: Graham says GOP ‘flashed’ on opposition debt ceiling pledge

“I would like to sit down with all the leaders and especially the president and start having discussions,” McCarthy said Tuesday. “Who wants to subject the nation to some sort of last-minute threat with the debt ceiling? Nobody wants to do that.

Talk to US media on Wednesdayhe likened Democrats to a kid with a credit card spending money irresponsibly.

“If you had a kid and you gave him a credit card and he kept hitting the limit, you wouldn’t keep raising it,” McCarthy said. “Would you like to see what you’re spending your money on first?” How can we cut objects?”

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