Government Shutdown Looms After Republicans Block Debt Ceiling Bill

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Bloomberg Quicktake: Now published this video item, entitled “Government Shutdown Looms After Republicans Block Debt Ceiling Bill” – below is their description.

Pressure on Democrats to increase the federal debt limit and avert a crippling default escalated on Monday, with the party facing a cumbersome legislative procedure that could complicate efforts to deliver on Joe Biden’s economic agenda.

Senate Republicans blocked a bill late Monday to suspend the debt ceiling until December 2022 and keep the government operating past the end of the fiscal year on Sept. 30. That’s left Democrats no clear alternative to overcome the filibuster except using a budget procedure that could take nearly two weeks.

The GOP maneuver sets the stage for a protracted debate over debt that Republican lawmakers hope will help them portray Biden’s expanded child tax credits, paid family leave and new benefits for Medicare recipients as out-of-control government spending. An eventual Democrat-only vote to raise the debt limit would provide fodder for election attack ads.

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