Senior Democrats say that the U.S. House of Representatives may vote to raise the debt ceiling this week. Reuters

© Reuters. File photo: On November 30, 2021, U.S. Senate Majority Leader Chuck Schumer (D-NY) held a weekly policy luncheon at the Capitol in Washington, U.S., U.S. Senate Majority Leader Chuck Schumer (D-NY) Go to the Senate. REUTERS/Elizabeth Frantz/File Photo

Author: Richard Cowan

Washington (Reuters)-The U.S. House of Representatives may vote this week to raise the federal government’s $28.9 trillion debt ceiling, the House of Representatives’ second Democrat told reporters on Monday, but did not provide details on how to carry out this effort.

Treasury Secretary Janet Yellen has urged Congress to take action by December 15th, and a bipartisan think tank issued a warning https://www.reuters.com/markets/us/what-happens-if-washington-falls-behind- its-bills-2021 -12-03 Last week, the US government may not be able to repay its debts before the end of this month, which will trigger an unprecedented default and shake up the global financial system.

House Majority Leader Hoyer said at a press conference: “I hope we can resolve the (Debt Limitation Act) issue in the next few days.”

Top Republicans have been calling on President Joe Biden’s Democrats to raise the debt limit without a Republican vote, using a process called reconciliation. Democrats pointed out that the increased debt was mainly to pay for the cost of tax cuts and spending plans during the administration of former President Donald Trump. Republicans in Congress expressed support for this.

But the Democratic leaders in the House and Senate are looking for a way to win the pass.

Senate Republicans also expressed optimism that Senate Majority Leader Chuck Schumer and his Republican colleague Mitch McConnell will soon reach a debt ceiling agreement.

“I don’t think anyone wants to see all of America’s faith and credibility damaged. Therefore, I am an optimist,” Senator John Corning said after a meeting with McConnell and other major Republican lawmakers.

Cornyn said he believes that the Ministry of Finance can extend the debt ceiling period to January, which may be achieved through funds from the Highway Trust Fund.

“But I don’t see any reason to postpone the conversation,” he said of the ongoing meeting between Schumer and McConnell. “If they can leave this thing behind, I think we will all have a better life.”

Hoyer said that the Democratic Party may attach the debt plan to the National Defense Authorization Act currently being passed by Congress.

Quite a few liberal Democrats voted against the passage of the National Defense Bill by the House of Representatives, and after the Senate passes the revised version, the additional debt limit may undermine the chance of obtaining enough Republican votes.

Among several major initiatives

The debt limit is just one of several major initiatives that Democratic congressional leaders hope to debate before the end of the year.

Schumer also hopes to vote more on voting rights reforms repeatedly blocked by Senate Republicans and Biden’s $1.75 trillion “rebuild better” domestic investment bill this month.

Schumer pointed out that members of the Senate still need to review many components of the legislation, including immigration provisions, and determine whether they are eligible to be included in the bill under a special budget reconciliation procedure that is more strictly controlled than conventional legislation.

He did not say how he would advance voting rights legislation if Republicans participated in an expected obstruction bill that would require 60 votes in the 100-member House to break the deadlock. Many Democrats have been urging Schumer to push for changes to the Senate’s obstruction rules.

Last week, after Schumer had a meeting with a group of Democrats, Senator Jon Test said that given the heavy legislative schedule in the Senate, he doubted whether he could have a showdown on the obstruction bill this month.

“There are too many things on the file,” he told Reuters.

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