Government shutdown looms as Congress fights for debt ceiling
WASHINGTON (NEXSTAR) – The battle to keep government open comes to a head in Congress this week with a Friday deadline for government funding looming.
Republicans on Monday blocked a funding plan because it included a provision to raise the debt ceiling.
Republicans and Democrats disagree on a plan to raise the debt ceiling, with Republicans saying they will not support a funding bill that includes the proposed increase.
Both sides are pointing fingers at each other as the government shutdown draws closer.
âLast night was a low point,â said Senate Majority Leader Chuck Schumer, D-NY.
While Senate Minority Leader Mitch McConnell R-Ky. Accused Democrats of “playing the game instead of governing.”
Without a debt ceiling deal, Treasury Secretary Janet Yellen said the government would run out of funds by mid-October.
In a hearing on Tuesday, Yellen said: “America would default for the first time in history, total US credit would be compromised, and our country would likely face a financial crisis and economic recession. “.
But Sen. Chuck Grassley, R-Iowa, says that right now Congress must remain focused on keeping government open.
Grassley said Republicans support government funding, but if Democrats are to raise the debt ceiling, they must do it alone.
Without a fundraising bill, Congress will close its doors starting at midnight Thursday.