Democrats look to McConnell to throw them debt ceiling lifeline as deadline nears
Emily Jacobs
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A growing number of Democrats are expressing hope that Senate Minority Leader Mitch McConnell (R-KY) and his GOP colleagues will get involved in debt limit negotiations as the deadline to avoid a default inches closer.
The debt ceiling, or the highest amount the federal government can borrow, will either need to be raised or abolished sometime next month to avert a default. Economists have long warned that such a default would wreak havoc on the economy. Treasury Secretary Janet Yellen said the United States will be unable to pay its bills by June 1.
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Led by House Speaker Kevin McCarthy (R-CA), Republicans have said for months that a debt ceiling fix should be tied to spending cuts, citing the nation’s ballooning deficit. President Joe Biden, backed up by Senate Democrats, refused to negotiate over the debt limit until late last month when McCarthy successfully held enough of his conference to pass his debt ceiling budget proposal.
Both McConnell and Senate Majority Leader Chuck Schumer (D-NY) have taken a back seat in negotiations. While staying on party lines — Schumer has stood behind Biden in his refusal to negotiate spending cuts that are tied to a debt limit increase, while McConnell has urged the president to do the opposite — both have acknowledged the White House and House Republicans are leading on this matter.
That approach has caused concern among House Democrats, who fear that without Senate Republican input, a deal could fall apart.
Rep. Pramila Jayapal (D-WA), a staunch McConnell critic who chairs the Congressional Progressive Caucus, called on him and Wall Street to get involved in the talks while speaking to reporters this week.
“I think time is starting to run out. I think Wall Street should be weighing in,” Jayapal said, adding that McConnell and “reasonable Republicans” need to “get involved and get people to understand that default on America would be terrible.”
“Certainly, a default that pushes us into a couple more weeks will mean consequences for the American people,” she added. “Long-term hikes in interest rates — all kinds of issues; job losses of incredible magnitude; a loss of trust in the American dollar, the American economy, the American commitment to our financial obligations.”
Jayapal is not the only House Democrat who hopes Senate Republicans or McConnell step in to find a solution.
“Senate Republicans are putting their heads in the sand if they think that the extremists in their party will have a change of heart,” Rep. Pete Aguilar (D-CA), chairman of the House Democratic Caucus, told reporters earlier this month. “If Kevin McCarthy is forced to choose between holding power in his speakership or taking us closer to default, we know he’s going to choose default. The American people know that as well.”
“House Republicans are on a path toward default,” he continued. “The question before us is will Senate Republicans take the wheel?”
A main area of disagreement between the White House and House Republicans is spending. Rep. Garret Graves (R-LA), McCarthy’s chief negotiator, has repeatedly emphasized that annual spending caps are a red line for House Republicans. Democrats call the caps too severe, while Republicans argue they don’t go far enough. Asked about what concessions he’d consider making to Democrats, McCarthy said on Wednesday that raising the debt ceiling was his compromise offer.
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One of Democrats’ top priorities, meanwhile, has been salvaging veterans’ benefits, which members argue were gutted in McCarthy’s debt limit bill. Republicans have rejected the idea that cuts to veterans are on the table. Rank-and-file Democrats have been placing blame on the GOP, arguing Republicans’ proposed deal would harm veterans as well as middle-class families. A number of Democratic lawmakers scheduled press conferences and floor speeches on Thursday to criticize Republicans for refusing to grant any concessions.
Cami Mondeaux contributed to this report.