U.S. debt limit increase not needed this year -Sen. McConnell
Reuters
Published Nov 15, 2022 04:46PM ET
Updated Nov 15, 2022 05:21PM ET
WASHINGTON (Reuters) -U.S. Senate Republican Leader Mitch McConnell on Tuesday downplayed the likelihood the chamber will vote by year's end to raise the federal government's statutory limit on borrowing, noting that such legislation is not needed until next year.
"I don't think the debt limit issue is until sometime next year," McConnell told reporters when asked whether the Senate could vote on an increase during the chamber's post-election work session that began on Monday and could extend until late December.
Treasury Department officials have voiced a desire for Congress to raise the debt limit during this Congress, fearing that it could become more difficult next year if Republicans, as expected, take majority control of the House of Representatives from Democrats.
Many conservative Republicans have advocated holding back on a debt limit increase next year until significant domestic spending cuts are enacted by Congress, raising fears of a possible historic default on debt payments by the federal government.
That, in turn, could shake global financial markets.
Democrats have been urging timely action to avoid such shocks to the U.S. economy and financial markets.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.