Another failed vote to lift the debt ceiling could worry economists and Wall Street investors, as the Treasury Department warns that the nation could deplete its borrowing ability by Oct. 18, or the so-called X Date.
“Let me be clear about the task ahead of us: we must get a bill to the President’s desk dealing with the debt limit by the end of the week. Period,” Schumer said in a letter to colleagues on Monday morning, threatening to work through the weekend or cancel next week’s recess if legislation doesn’t end up in Biden’s hands.
“We do not have the luxury of waiting until October 18th,” Schumer said. “The consequences of even approaching the X Date could be disastrous for our economy and devastating to American families, raising the costs of borrowing for average Americans and hampering our economic recovery over the long-term.“
But Democrats must start moving soon if they want to lift the debt ceiling…