WASHINGTON (Reuters) – U.S. Senate Majority Leader Chuck Schumer on Monday urged lawmakers to pass a bill to raise or suspend the federal government’s $28.4 trillion debt ceiling by the end of the week, warning that failure holds devastating economic consequences.
“We must get a bill to the President’s desk dealing with the debt limit by the end of the week. Period. We do not have the luxury of waiting until October 18,” Schumer said in a letter to lawmakers.
Senate Republicans have twice blocked action to raise the debt ceiling — saying they do want action but refuse to help, insisting that Democrats use a parliamentary maneuver to act alone.
U.S. Treasury Secretary Janet Yellen last week warned lawmakers that the nation was close to exhausting its federal borrowing capabilities – now set for Oct. 18. Late last month the House of Representatives passed and sent to the Senate a bill to suspend the limit on Treasury borrowing through the end of 2022.
Schumer said the Senate will have to stay in session through the weekend and possibly into a planned recess next week if no progress is made on raising the debt limit.
(Reporting by Susan Cornwell; Editing by Scott Malone)
