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today mitch mcconnell blocked an attempt by chuck schumer to pass an increase in the debt ceiling by a similarable majority vote of the democrats in the senate. joining us now is the deputy director of e national economic council. he previously served on the staff of senator elizabeth warren. thank you very much for joining us tonight. october 18th is the new deadline for debt ceiling action. what would it mean to the economy? what would it mean to the economy of the world if for the first time in history the american government defaults on its debt? well, it would be catastrophic, and that s what seetary yellen s view is. that s the view of outside experts, wall stree experts who have looked at it. it would cost millions of jobs. it would throw the financial system into panic and crisis. it would throw us back into a recession.
no. you would think that maybe they re saying, okay, maybe can you guys do something to address e debt? can you change something on the spending side? no. there is no dend. it is just do it by yourself, but do it in a particular way. and like i said, it is not based, as far as i can tell, on a policy concern. it is purely about making things as difficult as possible for the democratic party and pushing the united states to the brink of a devastating defaul and remember secretary yellen ted this as well. even if we get close to the default, to a default, close to that october 18th date, it does real harm tohe ecomy, the cost of borrong goes up as investors view that as more risky and that does real harm to the economy. so, you kn, i think what we are seeing here is a republican party that s taking a very nihilistic vw and really pushing the united states into an unprecedented situation.
it would reverse all the progress we made under predent biden. i just want to review how we got to this point. republicans claimed a week ago that what they wanted was a bill that would fund the government, that would avoid a default and that would provide important disaster aid to people in louisiana and elsewhere. the democrats put that exact bill on the floor of the senate and republicans responded by filibustering it. and today senator schumer said, okay, democrats will address it by ourselves and republicans blocked that, too. so really it is extremely irresponsible what the republican party is doing here and it is threatening not just the u.s. economy but the global economy and really putting our economic recovery in peril. what is the next what s the current republican demand? or is there a republican demand for increasing the debt limit?
toda the stormottormie withenator berni sande dog wha senats are by aditio never suppose todo heade nancy pelosi s lifore diffict by cometing losing patience, apparently, and telling democrats in the house how they should vote. senator sanders said in a written statement, let s be crystal clear. if the bipartisan infrastructure bill is passed on its own on thursday, this will be in violation of an agreement that was reached within the democratic caucus in congress. i strongly urge my house colleagues to vote against the bipartisan infrastructure bill until congress passes atrong renciliaon bi. w, thacould a firn setor histy, a senatho has alrea voted for a bill urging other senators to vote against that bill that he already voted for. former house speaker john boehner rail against ted cruz