Mitch McConnell, the Senate's top Republican, has told Treasury Secretary Janet Yellen that congressional Democrats will have to raise the U.S. debt ceiling on their own, even as she warns of a default and new financial crisis if lawmakers do not raise the federal borrowing limit.
McConnell spokesman Doug Andres said on Thursday the Senate Republican leader in a telephone conversation a day earlier "repeated to Secretary Yellen what he has said publicly since July: This is a unified Democrat government, engaging in a partisan reckless tax and spending spree. They will have to raise the debt ceiling on their own and they have the tools to do it."
President Joe Biden's fellow Democrats narrowly control both the Senate and House of Representatives. If Congress fails to raise the $28.5 trillion debt limit, it could lead the government to default on its payment obligations.
Yellen said this month that cash and "extraordinary measures" being used to finance the U.S. government temporarily will be "exhausted" during October.
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