McConnell: ‘No chance’ Congress does not raise debt ceiling

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Senate Majority Leader Mitch McConnell said there is “no chance” Congress will fail to raise the debt ceiling Monday while speaking at an event in his home state of Kentucky.

“There is zero chance — no chance. We won’t raise the debt ceiling … no chance,” McConnell said at an event in Kentucky with Treasury Secretary Steven Mnuchin. “America’s not going to default. And we’ll get the job done in conjunction with the secretary of the Treasury.”

The treasury will have exhausted its extraordinary measures capabilities to continue borrowing by the end of September. Thus, Mnuchin has touted the end of next month as a date by which Congress should reach an agreement.

“We’re going to get the debt ceiling passed. I think that everybody understands this is not a Republican issue, this is not a Democrat issue,” Mnuchin said. “We need to be able to pay our debts. … This is about having a clean debt ceiling so that we can maintain the best credit, the reserve currency, and be focused on what we should be focusing on … so many other really important issues for the economy.”

First on the list of those issues is tax reform, which Republican leaders aim to start working through Congress next month. McConnell and Mnuchin mentioned tax reform but didn’t provide further details than what they had in the past.

The Treasury secretary has called for a “clean” debt-ceiling increase, meaning lawmakers would not attach spending cuts or other provisions to it. Some conservatives, particularly in the House, have previously tried to pair measures to raise the debt ceiling with spending cuts.

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