Former President Donald Trump is urging Congressional Republicans to use the United States’ debt limit as leverage to force Democrats to give up on their domestic priorities.
In a statement on Wednesday, Trump wrote, “The only powerful tool that Republicans have to negotiate with is the Debt Ceiling, and they would be both foolish and unpatriotic not to use it now. The way I look at it, what the Democrats are proposing, on so many different levels, will destroy our Country. Unrelated, but likewise, their so-called ‘Voting Rights Bill’ will be the end of our Democracy.”
“Therefore, Republicans have no choice but to do what they have to do, and the Democrats will have no choice but to concede all of the horror they are trying to inflict upon the future of the United States,” he continued.
Finally, Trump said, “Don’t give up or concede, Republicans, this is the ultimate representation of the People!”
Read the statement below:
The former president has weighed in on the fiscal cliff debate playing out on Capitol Hill.
— Eli Yokley (@eyokley) September 22, 2021
In a new statement, Trump calls the debt ceiling "the only powerful tool that Republicans have to negotiate with" and says the GOP has "no choice but to do what they have to do." pic.twitter.com/47x7daK9us
Trump’s statement comes as lawmakers are looking to pass a roughly $1 trillion bipartisan infrastructure bill and a larger $3.5 trillion spending bill. Additionally, lawmakers are facing a deadline to avoid a government shut down and suspend the debt limit.
Republicans are expected to block a bill to suspend the debt ceiling.
As Bloomberg reports, “Once that Senate rejection — expected in coming days — is complete, the clock will be ticking until the government runs out of authorization to keep many operations running past month-end. Sometime later in October, according to Secretary Janet Yellen, the Treasury Department will exhaust its capacity to keep paying U.S. obligations.”
“Senate Minority Leader Mitch McConnell has said there is no chance that a debt limit increase could pass the chamber. Republicans have nearly universally said they won’t vote for an increase to the government’s borrowing ability as Democrats prepare to spend $3.5 trillion on social programs via separate legislation,” the outlet added.
According to an analysis by Mark Zandi, chief economist at Moody’s Analytics, failure to suspend the debt ceiling would lead to an economic recession that could lead to a loss of up to 6 million jobs. Zandi also predicts such a scenario would lead to roughly $15 trillion in household wealth being wiped out.
House Democrats approved a bill on Tuesday to keep the government open and suspend the debt limit. However, its fate in the Senate is uncertain.
