A potential U.S. default is less than two weeks away.
A Senate vote toward raising the debt ceiling has been delayed as the U.S. barrels toward a default.President Joe Biden ratcheted up pressure on Republicans Wednesday, hosting the heads of several major banks and corporations to discuss the dangers of the U.S. defaulting on its debts. That could happen in less than two weeks if Congress doesn't act, with a catastrophic impact on the economy.
The Senate was scheduled to hold a procedural vote on lifting the debt ceiling Wednesday afternoon, which requires 60 votes to pass. Senate Minority Leader Mitch McConnell has said Republicans in the Senate will filibuster a House-passed measure that would suspend the debt limit -- and avoid a potential default -- until December 2022. At least 10 Republicans would need to join all Senate Democrats to break a GOP filibuster and allow a simple majority vote to pass the bill.
He asked participants to discuss the impacts of a default on Americans. Nasdaq CEO Adena Friedman spelled out the danger to retirement accounts. "It's already beginning to cause some damage in the economy," Citi's CEO Jane Fraser said."It will hurt consumers. It will hurt small businesses."Republican Senate Minority Leader Mitch McConnell walks to his office ahead of a procedural vote to raise the debt limit in Washington, D.C., Oct. 6, 2021.
"I think that's a real possibility," Biden said late Tuesday, when asked if Democrats were considering that possibility. Lawmakers have suspended the debt ceiling 80 times before, including three times when Democrats joined with Republicans to do so under then-President Donald Trump.
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