How the Debt Ceiling Stopgap Could Save the Day as Debt-Fueled Spending Spree Rages in DC

Senate Republicans have fired a new warning a shot over Democrats' budget-busting multi-trillion-dollar spending bills. 

One concern for many Republicans is the Democrats' plans for a huge $3.5 trillion spending bill. GOP lawmakers worry about the exploding national debt, so they're about to launch a new budget battle over the government's debt ceiling. 

Raising the debt ceiling would allow Dems to borrow and spend even more money that it doesn't have. So Republicans are threatening to vote against raising the federal debt ceiling this month.

Senate Minority Leader Mitch McConnell (R-KY) said he doesn't believe any Republican will vote to allow Washington to raise it.

"I can't imagine a single Republican in this environment that we're in now, this free-for-all for taxes and spending, to vote to raise the debt limit," he said. 

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"The leader's statements on debt ceiling are shameless, cynical, and totally political," Senate Majority Leader Chuck Schumer (D-NY) responded. 

Asked by reporters about McConnell's remarks, President Joe Biden said, "I was hoping that wouldn't be the case." He said Republican-backed tax cuts were behind the debt and added, "There are going to be a couple of very difficult decisions that are gonna have to be made through the end of the year, and one of them is the debt limit and extending the debt."

The government, which has been running huge budget deficits for years, needs to borrow cash constantly to pay its debts, but its legal authority to do that expires July 31. 

Congress suspended the debt ceiling — the limit on federal borrowing — two years ago, but failing to raise the debt ceiling by the end of July deadline means the government could run out of money sometime in August.

Expiration of the government's borrowing authority could lead to a federal default, which has never happened. Analysts say a default could have a devastating impact on the economy, driving up interest rates, lowering the federal credit rating, and driving up the government's borrowing costs.

Spending battles continue on Capitol Hill where Republicans prevented a semi-bipartisan infrastructure bill from advancing Wednesday saying they couldn't vote for a bill that hasn't even been written yet.