🤑 It doesn’t get more affordable. Grab this 60% OFF Black Friday offer before it disappears…CLAIM SALE

Senate Republicans oppose vote just to raise US debt ceiling, push for other priorities

Published 05/06/2023, 04:23 PM
Updated 05/06/2023, 04:25 PM
© Reuters. FILE PHOTO: A cyclist passes by the U.S. Capitol building, on the morning of the first day of the 118th Congress in Washington, DC, U.S., January 3, 2023. REUTERS/Jon Cherry

WASHINGTON (Reuters) - A group of 43 Republicans in the U.S. Senate said they oppose voting on a bill that only raises the U.S. debt ceiling without tackling other priorities, in a letter to Democratic Senate Majority Leader Chuck Schumer, showing they could block such a plan by Democrats.

Citing an economy "in free fall," the Republicans, led by Senator Mike Lee and including Minority Leader Mitch McConnell, said "substantive spending and budget reforms" need to be "a starting point" for negotiations.

The offices of McConnell, Schumer and other lawmakers did not immediately respond to requests for comment.

Several moderates including Senators Mitt Romney and Lisa Murkowski did not sign the letter. Senator Susan Collins, another moderate Republican and the vice chair of the Senate Appropriations Committee, also did not sign.

U.S. President Joe Biden, a Democrat, in recent days has criticized Republicans for threatening not to raise the debt limit unless Democrats agree to steep budget cuts. Biden will meet with four top congressional leaders on Tuesday to discuss spending priorities, according to the White House.

U.S. Treasury Secretary Janet Yellen said in a recent letter to Congress that the agency may be unable to meet all of its debt obligations as soon as June 1 if the debt ceiling is not raised. The political standoff has raised concerns over a default that could reverberate across global financial markets.

Schumer said this week that the Senate might consider a bill that only raises the debt ceiling without addressing other Republican priorities. With only a 51-49 majority in the Senate, Schumer would need the support of at least nine Republicans to clear a 60-vote threshold to advance such legislation.

The latest Senate Republican letter shows the party could block a so-called "clean" debt ceiling bill.

© Reuters. FILE PHOTO: A cyclist passes by the U.S. Capitol building, on the morning of the first day of the 118th Congress in Washington, DC, U.S., January 3, 2023. REUTERS/Jon Cherry

The House in late April passed a bill to raise the government's $31.4 trillion debt ceiling that includes sweeping spending cuts over the next decade.

However, that measure is not expected to pass in the Senate and would be vetoed by Biden if it did.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.