As Republicans approach a crucial deadline this summer to raise the debt ceiling, they admit there is no “Plan B” to prevent a potentially catastrophic default. Congressional leaders are considering increasing the debt limit by $4 trillion to $5 trillion to continue meeting national obligations. This increase is part of a larger domestic policy package that must pass through the Senate and House before reaching President Trump for approval. The GOP can afford to lose only three votes in Congress.
Senate Majority Leader John Thune emphasized the importance of this singular plan, stating, “Failure is not an option.” Senate Majority Whip John Barrasso echoed this sentiment, insisting that the party is committed to completing their ambitious bill, termed the One Big Beautiful Bill Act, without seeking a backup plan. The Treasury Department has urged a debt ceiling increase by mid-July to avoid default, though the Congressional Budget Office suggested the deadline could extend to late September.
Complicating matters, if Republicans do not pass their bill, they would have to negotiate with Democrats for a standalone debt limit extension, but there’s been no significant negotiation yet. Some Republicans believe not indicating a backup plan could increase the urgency of passing their legislation.
Discussions in potential bipartisan agreements have revealed differing views. Figures like Sen. Elizabeth Warren advocate for entirely abolishing the debt limit, a suggestion Trump has recently supported, but it lacks support within the GOP. Democrats, however, have shown reluctance to engage in these discussions, as Senate Minority Leader Chuck Schumer dismissed the notion of negotiations without specifics.
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