Surprise, surprise.
Mitch McConnell – yet again – is caving to the Democrats instead of letting them falter as they should.
He had them exactly where he wanted them – struggling to unite their party as the economic future of this country hangs in peril over massive Democrat spending.
The Democrats would have had no choice but to cave on the exorbitant price tag, but no, Mitch had to give in.
On Wednesday, Senate Republican leader Mitch McConnell told Democrats he would allow an emergency debt limit extension into December, edging back from a perilous standoff by offering a potential path to avoid a federal default.
A procedural vote on legislation that would suspend the debt limit for two years was abruptly delayed, and the Senate recessed so lawmakers could discuss next steps.
“This will moot Democrats’ excuses about the time crunch they created and give the unified Democratic government more than enough time to pass standalone debt limit legislation through reconciliation,” McConnell said.
It also will allow Republicans to avoid the blame they would have gotten from some quarters for blocking a vote on the longer extension.
Joe Biden enlisted top business leaders to lobby for a higher debt limit , saying the approaching Oct. 18 deadlines created the risk of a historic default that would be like a “meteor” that could crush the economy and financial markets.
At a White House event, the president shamed Republican senators for threatening to filibuster any suspension of the $28.4 trillion cap on the government’s borrowing authority. He leaned into the credibility of corporate America — a group that has traditionally been aligned with the GOP on tax and regulatory issues — to drive home his point as the heads of Citi, JP Morgan Chase and Nasdaq gathered in person and virtually to say the debt limit must be lifted.
“It’s not right and it’s dangerous,” Biden said of the resistance by Senate Republicans. “So let’s end this mess and vote today.”
And of course the heads of America’s largest corporations agreed!
Stock prices rose after news of McConnell’s offer came out.
Ahead of the White House meeting, the administration warned that if the borrowing limit isn’t extended, it could set off an international financial crisis the United States might not be able to manage.
The recession that could be triggered could be worse than the 2008 financial crisis because it would come as many nations are still struggling with the COVID-19 pandemic, or that’s what the Biden administration hopes you think.
Congress has just days to act before the Oct. 18 deadline when the Treasury Department has warned it would quickly run short of funds to handle the nation’s already accrued debt load.
The Senate, meanwhile, had been scheduled to vote Wednesday on whether to take up a bill to suspend the debt limit. Republicans were again expected to block it. To get around the GOP standoff, Biden indicated in off-the-cuff comments Tuesday Democrats were weighing a change to Senate rules.
If McConnell would have stayed the course, the Democrats would be eating out of the palm of his hand. Everyone knows the hysteria surrounding the debt limit is purely hysterics to get more Republicans – and more of the public – on board with their radical spending agenda.
McConnell once again bent the knee.
Author: Asa McCue
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