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Free AccessUS's McConnell: Need To Pass Debt Hike In 'Next Month Or So'
--Senate Majority Leader McConnell Says He And Sen. Schumer Met Tuesday With
Tsy's Mnuchin On Debt Ceiling
--Sen. McConnell: Must 'Never, Ever Default' On Debt
--Sen. Schumer: Need to Know House GOP Stance on Debt Ceiling Legislation
By John Shaw
WASHINGTON (MNI) - Senate Majority Leader Mitch McConnell said Tuesday that
he and Senate Minority Leader Chuck Schumer met earlier in the day with Treasury
Secretary Steve Mnuchin on debt ceiling legislation, adding they will continue
to discuss the best "way forward" on the issue.
At a briefing after a Senate Republican policy luncheon, McConnell said
Congress should vote on debt ceiling legislation in the "next month or so."
McConnell said the U.S. should "never, ever" default on its debt.
The House has already begun its August recess and is not scheduled to
return to Washington until early September. The Senate is is session this week
and next and then begins its August break.
McConnell's comments appeared to signal that Congress will take up the debt
ceiling issue in September.
Speaking at a separate briefing after McConnell, Schumer said a productive
debt ceiling discussion must include House Speaker Paul Ryan and House Minority
Leader Nancy Pelosi.
"We have to know where they are," Schumer said.
Schumer added it's especially important to know the stance of House
Republicans on the debt ceiling.
On another matter, McConnell said tax reform will at the top of the
congressional agenda this fall and he remains hopeful a tax reform package will
pass by the end of this year.
He said that he would prefer a "bipartisan effort to scrub the code," but
expects only a "few" Democrats will willing to work with Senate Republicans on
tax reform.
Schumer sharply disputed McConnell's assessment of tax reform.
He said Republicans are determined to take a partisan approach to tax
reform, adding that if they do so, they will fail as they have done on health
legislation.
Schumer said Democrats want a tax overhaul package that cuts taxes for the
middle class, doesn't add to the deficit, and which is developed under regular
congressional procedures.
"The best tax reform is bipartisan tax reform aimed at helping the middle
class," Schumer said.
--MNI Washington Bureau; tel: +1 202-371-2121; email: john.shaw@marketnews.com
[TOPICS: M$U$$$,MC$$$$,MFU$$$,MGU$$$]
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.