Warning Sign: House Passes Debt Ceiling Suspension That is Doomed in the Senate
The House on Wednesday passed a bill to suspend the U.S. debt ceiling as the country barrels toward a first-ever default with no clear solution in sight.
Republicans will sink the plan in the Senate. The GOP has opposed any effort to raise the borrowing limit and appears intent on making Democrats address it as part of their sprawling investment in social programs and climate policy.
Treasury Secretary Janet Yellen has told lawmakers the U.S. will run out of ways to pay its bills around Oct. 18. If Congress fails to suspend or raise the debt limit before the deadline, lawmakers risk a default that could cost millions of jobs, jeopardize government benefits and crash the financial markets.