On Sunday, House Budget Committee Chairman Tom Cole (R-Okla.) expressed skepticism about the possibility of a “debt limit suspension.” This came shortly after Treasury Secretary Scott Bescent urged Congress to raise the debt ceiling by mid-summer.
“I don’t think there’s any chance for a debt limit suspension because Republicans prefer to keep revisiting this topic,” Cole told NewsNation’s Chris Stirewalt during “The Hill Sunday.” He noted that Democrats seem to agree on lifting the debt restrictions.
“It’s like ignoring your credit card debt until you hit the limit. We want to discuss this and hopefully implement some reforms that can alter the direction of our debt,” he mentioned.
On Friday, Bescent informed House Speaker Mike Johnson (R-La.) that there’s a “realistic chance” Congress might not address the debt ceiling before exhausting the government’s cash reserves in August.
“Therefore, I urge Congress to increase or suspend the debt restrictions by mid-July to maintain the trust and integrity of the United States ahead of the scheduled recess,” Bescent wrote in a letter to the Speaker.
Republicans are looking to raise debt limits through budget adjustments, aiming to achieve this within the same framework that supports much of Trump’s agenda with solely GOP votes.
“Past experiences have shown that delaying the suspension or increase of debt limits could severely affect financial markets, businesses, and the federal government,” Bescent pointed out in his letter on Friday.
