Democrats Press Ahead With Debt-Limit Vote Amid Standoff With GOP
District of Columbia | September 19, 2021
A partisan fight over raising the government’s borrowing limit is expected to ratchet up this week, with Democrats moving ahead with a vote in the face of strident GOP opposition, raising doubts about whether Congress will take action before the federal government runs out of cash.
The standoff has alarmed Wall Street analysts and business leaders, who in recent weeks have issued warnings about a rising risk of a technical default, in which the government might be unable to make all of its regular payments in full and on time. The threat of such a default could derail markets and hit U.S. economic growth.
Democrats are tackling the debt ceiling at the same time they are working to resolve a thicket of issues regarding their $3.5 trillion social-welfare and climate plan, including splits over the overall price tag, prescription-drug costs, tax changes and climate proposals….. (Excerpts from the Wall Street Journal)