WASHINGTON – Senate Majority Leader Mitch McConnell said he is confident an agreement will be reached to the raise the debt ceiling before the government exceeds its borrowing limit.
“I don’t think there is any chance we’ll allow the country to default,” McConnell (R-Ky.) said at a news conference on Tuesday.
Asked if Congress will act before lawmakers leave Washington for the August recess, McConnell said: “As to the timing, we’re going to stay in close communication with the secretary of the treasury (Steven Mnuchin) about when that actually must be done, and we’ll no doubt do it on a bipartisan basis.”
McConnell relayed that both he and House Speaker Nancy Pelosi (D-Calif.) are on the same page when it comes to raising the debt ceiling.
On Monday the Bipartisan Policy Center released a report that said the government might exceed its borrowing limit in early September. Previous reports said the government would not default until October or November.
When the government exceeds the debt limit, the Treasury Department is forced to institute emergency measures, such as suspending the sale of certain bonds.
The debt ceiling was last raised in 2018.
America’s national debt is above $22 trillion.
China is America’s largest creditor.