Sen. Coons weighs in on debt ceiling battle
Democrats and Republicans in Washington clash again over raising the debt ceiling.
While Democrats have presented a plan that would raise the debt ceiling while also funding the government into December, Republicans aren’t receptive to it.
Some Republicans argued raising the debt ceiling raise would allow President Biden to spend more in the future.
But Delaware Sen. Chris Coons says that’s not how it works.
"It's about paying for the debt that we incurred over the last five years," said Coons. "So the United States Congress and the previous president came together and advocated for an ultimately put into place literally trillions of dollars of badly needed emergency spending mostly to deal with the COVID-19 pandemic. We should pay our bills, that's what sophisticated economies and advanced countries do."
The country added about $7 trillion to the debt under President Trump’s administration which included a $900 billion bill to provide COVID-19 relief last year.
Coons says raising the debt ceiling should be an easy and bipartisan decision for Congress.
"We should come together as we have for years and increase the debt ceiling because, frankly, if Congress has come together and approved an increase in spending it should simply be automatic that we increase the debt ceiling to accommodate that," said Coons. "It is a complex fiscal issue that most senators understand. We know that if we default on it the consequences will be prompt, sharp, and potentially catastrophic for our financial system."
The Treasury Department warns that it might not be able to stave off a payment default in October if the debt ceiling isn’t raised or suspended until December which could cause chaos in financial markets.