The Senate is on recess for Thanksgiving week, but progress is slowly but surely being made on a key priority for the next few weeks: a vote to raise the federal debt ceiling, which could be hit by early next month.
As The Hill writes, Senate Majority Leader Schumer and Minority Leader McConnell “spent weeks in open warfare in the lead up to the October debt ceiling vote, each walking far out onto limbs as they traded one-upmanships” before the Senate approved a temporary increase running through early December. After that vote, McConnell bluntly told President Biden that the GOP would not aid in another increase when that deadline neared.
But now, The Hill says, both Senate leaders “are publicly pulling their punches for now…with the global economy hanging in the balance.” Said Senate Minority Whip John Thune, “I don’t know that it’s necessarily a thaw, I just think there’s a realization that this has to get done.”
The debt limit needs to be raised — and ultimately, the dangerous and pointless limit should be abolished entirely and replaced with a provision (like a statutory debt-GDP limit) that actually enforces fiscal responsibility rather than destroys it. And the upcoming vote should not be controversial — the debt limit has been raised 79 times since 1960, under presidents of both parties.
While we would prefer to see Schumer and McConnell working on a real solution to the perennial debt ceiling fight, their putting aside of their differences for the upcoming boost is still an encouraging sign.