McConnell says there is 'zero chance' Congress will fail to raise debt ceiling

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Source: Washington Post

McConnell says there is ‘zero chance’ Congress will fail to raise debt ceiling

By Damian Paletta August 21 at 1:49 PM

Senate Majority Leader Mitch McConnell (R-Ky.) said Monday that there was “zero chance — no chance” Congress would fail to raise the debt ceiling by late September, although he offered no clues about how he hoped to persuade lawmakers to back such a measure.

McConnell spoke during a public event in Kentucky with Treasury Secretary Steven Mnuchin, who minutes before had implored Congress to focus immediately on raising the debt ceiling when members return to Washington after Labor Day. Mnuchin said the debt ceiling must be increased to ensure the U.S. government can pay its bills.

“There is zero chance — no chance — we will not raise the debt ceiling,” McConnell responded.

The federal government spends more money than it brings in through revenue, and it issues debt to cover the gap. The United States already has close to $20 trillion in debt, and it can borrow money only up to a certain level set by Congress. Mnuchin has said he will be able to pay all of the government’s bills only through Sept. 29, and he wants the debt ceiling increased so that he can continue making payments.

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Read more: https://www.washingtonpost.com/news/wonk/wp/2017/08/21/mcconnell-says-zero-chance-congress-will-fail-to-raise-debt-ceiling/