Senate leader McConnell promises no default on debt

McConnell, flanked by Corker, Barrasso and Thune, holds a news conference after the weekly Senate Republican policy luncheon at the U.S. Capitol in WashingtonThe U.S. Congress will be in no hurry to raise the federal government’s borrowing limit, Senate Majority Leader Mitch McConnell said on Sunday, but will act in time to avoid Washington defaulting on its debt. “The debt ceiling will be handled over a period of months,” McConnell said during an interview on CBS’ “Face the Nation” broadcast. On Friday, Treasury Secretary Jack Lew asked Congress to raise the statutory cap on borrowing “as soon as possible.” The government is expected to exhaust its borrowing authority around March 15, but it can take emergency steps to continue paying its bills. The non-partisan Congressional Budget Office estimates such steps will be exhausted sometime in October or November.

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