Democrats to Raise Debt Ceiling by $2.5 Trillion with Funding to Reach Past 2022 Midterms

Democrat leadership this week is aiming to raise the debt ceiling by $2.5 trillion to nearly $31 trillion with funding to reach past the 2022 midterms.

Upon Sen. Mitch McConnell (R-KY) breaking his promise and enabling the Democrats to escape a tight jam that would have endangered President Biden’s massive tax and spend agenda, Sen. Chuck Schumer (D-NY) and House Speaker Nancy Pelosi (D-CA) are angling to raise the debt ceiling past the midterm election to presumably soothe midterm races.

“Responsible governing has won on this exceedingly important issue,” Schumer claimed. “The American people can breathe easy and rest assured there will not be a default.”

.@SenatorDurbin announces Senate will vote on passage of debt limit bill at 4 p.m.

— Jennifer Shutt (@JenniferShutt) December 14, 2021

Senate Democrats and McConnell and GOP allies will likely vote to pass the measure Tuesday out of the high chamber and into the House. Pelosi will reportedly attempt to pass the measure Wednesday and send the bill to the president’s desk for his signature thereafter.

NEW – Senate Democrats are seeking to increase the U.S. debt limit by $2,500,000,000,000 today.

— Disclose.tv (@disclosetv) December 14, 2021

Not all members of the far left were pleased with the Democrats’ decision to raise the debt ceiling past the 2022 midterm elections.

MSNBC anchor Chris Hayes slammed the idea as Democrat legislative “malpractice” and suggested raising the debt ceiling past the midterms will yield a situation where, if Republicans win the House, the GOP will be able to force an effective budget standoff.

“The more I think about it, the more this is malpractice,” Hayes said. “R’s are likely to win the house and, OBVIOUSLY, will set up another debt limit standoff EXACTLY like 2011 that led to years of destructive austerity.”

Whether or not Hayes is correct on interparty strategy, Sen. Elizabeth Warren (D-MA) defended raising the debt ceiling and increasing the nation’s debt to a Fox News reporter. Warren said the wealthy do not pay enough taxes to offset the nation’s welfare and defense spending.

“We have a debt problem, partly because the very richest people just aren’t paying,” she said. “And one thing we need to do is to get the billionaires to actually pay income tax.”

“You know, Jeff Bezos claims despite being one of the richest people in the world, that he only had $83,000 in taxable income a year and therefore paid almost nothing,” Warren said.

Warren’s support of raising the debt ceiling could also be a result of clearing the Senate calendar for a vote on Biden’s nearly $2 trillion reconciliation package before Christmas.

Senate Democrats debt limit resolution would raise the debt limit by $2.5 trillion.

Schumer said earlier today it “will provide for a raising of the debt limit to a level commensurate with funding necessary to get into 2023.” pic.twitter.com/tqyCSo6007

— Jennifer Shutt (@JenniferShutt) December 14, 2021

Manchin also raised worries that many of the most radical and costly programs in the bill would never sunset, as Democrats have promised they would. If the never-ending programs in the package do not sunset, the package’s estimated cost is $4.9 trillion in scope, not $1.9 trillion.

Despite Manchin’s fears, Senate Majority Whip Dick Durbin (D-IL) told reporters the Senate Democrats should attempt to pass the package as soon as possible.

“Many people will sit on the fence as long as possible,” he said. “It comes a time we’ve got to say, ‘All right, we’ve done the negotiating. We’ve made the accommodations it’s time to put up or shut up.’”

Follow Wendell Husebø on Twitter @WendellHusebø