While the Senate returned from its August recess Monday and the House continues to markup Democrats’ $3.5 trillion budget, no progress has been made on increasing the debt ceiling, risking enormous consequences to the entire American financial system.
The Treasury Department has predicted that the U.S. will run out of money sometime in October, with Secretary Janet Yellen warning of “irreparable” harm if Congress does not come together to raise it in order to prevent the country from defaulting on its debts. Republicans, however, have doubled down against doing so, instead calling on Democrats to raise it themselves as part of the $3.5 trillion package, which can pass on party lines.
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