(Bloomberg) -- President Joe Biden said it would be irresponsible of Senate Republicans to block a vote on suspending the U.S. debt ceiling and expressed hope that it won't happen.
It's the latest warning by the administration as markets increasingly focus on the political deadlock in Washington and the possibility of a U.S. default. Treasury Secretary Janet Yellen said this week the government's cash would run out around Oct. 18 and Fitch Ratings said Friday the U.S.'s AAA sovereign rating could be at risk if Congress fails to raise the federal debt limit.
“Well, I hope Republicans won't be so irresponsible as to refuse to raise the debt limit and to filibuster the debt limit,” Biden told reporters Saturday as he left the White House for the weekend. “That would be totally unconscionable. Never been done before. So I hope that won't happen.”
Congressional Democrats are set to renew attempts to suspend the debt limit, which kicked back into force at the start of August. U.S. Senate Majority Leader Chuck Schumer plans to seek a vote as soon as early next week on a debt-limit suspension bill the House passed on Wednesday.
Senate Republicans, led by Minority Leader Mitch McConnell, say raising the debt limit is up to Democrats alone as Biden seeks to pass a package of spending on social programs and climate measures as well as tax increases.
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