Republicans May Leave the Democrats Holding the Bag on Raising the Debt Ceiling

WASHINGTON - As lawmakers on Capitol Hill struggle to advance a bipartisan bill to invest in the country’s critical infrastructure, the most powerful Republican in Washington signaled that his party’s cooperation with Democrats has limits.

Specifically, Senate Minority Leader Mitch McConnell said on Wednesday that he does not expect members of his party to support a measure authorizing the government to borrow the money it will need to meet its obligations later this year. Because the amount of debt the U.S. Treasury can issue is capped by statute, whenever Congress approves spending that exceeds revenues – which it has done with every budget since 2001 – the country threatens to butt up against that limit, commonly known as the “debt ceiling.” The current national debt totals a jaw-dropping $28.5 trillion, or 26% more than the U.S. gross domestic product.