SPRINGFIELD, Mass. (WWLP) – Senate Majority Leader Chuck Schumer said that Congress must pass legislation that would raise the debt ceiling by the end of the week. 22News explains what the debt ceiling is and why some lawmakers say it needs to get raised.
The debt ceiling is basically a cap on the amount of money the U.S. government can borrow to pay its debts. Lawmakers continue to go back and fourth about raising the country’s debt ceiling.
U.S. Senator Schumer warned that the United States is getting “dangerously close” to hitting the debt limit. The New York Democrat said that lawmakers would hold a vote Wednesday that would allow Democrats to raise the debt ceiling.
If lawmakers on Capitol Hill remain deadlocked on raising the debt ceiling, the government could go into default, essentially, unable to pay bills. That would directly impact the wallets of millions of Americans, including those who invest in the stock market.
“The debt ceiling needs to get done. The debt ceiling is about the full faith and credit of the United States. I used the example when I spoke on the floor last week, manage the time on the debt ceiling. When you travel nationally or internationally and put out a dollar, strangers who you may never see again honor that dollar,” said Congressman Richard Neal.
Since the debt ceiling system was instituted in 1917, Congress has never not raised the debt ceiling. Congress has voted 80 times to raise or suspend the debt limit since 1960.