(Bloomberg) — The U.S. is moving closer to its first-ever default, with neither political party in Washington yet signaling it’s ready to back down from a partisan showdown on the federal debt limit.
Senate Democratic Leader Chuck Schumer plans another vote as early as Monday on a measure passed by the House to suspend the federal government’s legal debt limit until December 2022. But his Republican counterpart, Mitch McConnell, vows to block the attempt, for the third time running.
Schumer pressed senators in a letter Monday to act to lift the ceiling “by the end of the week. Period.” He warned if they did not meet the deadline to be prepared to stay in session through the weekend and work through a planned weeklong recess scheduled to begin Oct. 11.