Schumer says lawmakers must address debt ceiling by end of week
CBSN
Washington — Senate Majority Leader Chuck Schumer told his Senate colleagues on Monday that they must pass legislation addressing the debt ceiling by the end of the week, aiming to stave off a debt crisis as the deadline to skirt a first-ever default moves closer.
Schumer, a Democrat from New York, warned his fellow Senate Democrats in a "Dear Colleague" letter that Congress "does not have the luxury" of waiting until October 18 to suspend the debt limit, which is the estimated date at which the Treasury Department would exhaust measures allowing the federal government to pay its bills.
Schumer said the consequences of approaching that date could have "disastrous" consequences for the global economy and American families, and hinder the economic recovery from the COVID-19 pandemic.
