US Democrats unveil plans to suspend debt limitRepublicans have vowed to withhold support for raising the federal borrowing limit, despite warnings of an economic 'catastrophe'WASHINGTON - Democratic congressional leaders on Monday unveiled plans to suspend the nation's borrowing limit, following a White House warning of "economic catastrophe" unless that ceiling is raised. The measure would suspend the debt limit through December 2022 -- after the midterm congressional elections. But Republican Senate leader Mitch McConnell once again said Democrats should go it alone. Failing to raise the debt limit "would produce widespread economic catastrophe" and "compound the damage of the continuing public health emergency," she said in a column Monday in The Wall Street Journal. But under Trump, Democrats supported Republican efforts to suspend the debt limit for two years.

Source: Bangkok Post September 20, 2021 22:18 UTC