McConnell refuses to help raise federal debt limit

Senate Republican leader Mitch McConnell is continuing to refuse to offer Democrats any help in raising the federal debt limit.

At a press conference, Wednesday, McConnell said since Democrats control the White House and Congress, it’s their problem to find the votes — though he had relied on bipartisan cooperation to approve debt limit measures when Republicans were in charge.

The GOP leader is digging in and playing political hardball. He’s telling all who will listen that it’s up to the Democrats, who have narrow control of Congress, to take the unpopular vote over federal borrowing on their own.

McConnell’s stance is deepening a political standoff and risking turbulence in the financial markets that could ripple into the broader economy.

The government faces a shutdown if funding stops on Sept. 30, the end of the fiscal year. Additionally, at some point in October the U.S. risks defaulting on its accumulated debt load if its borrowing limits are not waived or adjusted.

Rushing to prevent that dire outcome, the Democratic-led House passed the funding-and-debt measure Tuesday night, but Republicans are refusing to give their support in the Senate, despite the risk of triggering a fiscal crisis.