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U.S. Debt-Limit Showdown Intensifies With Democrats Under Pressure

  • Republicans blocked effort to suspend debt limit to late 2022
  • Democrats offer no immediate backup plan as clock ticks
Bloomberg business news
WATCH: Pelosi and the White House are working to close a split in the party that threatens to blow up Biden’s economic agenda. Annmarie Hordern reports.(Source: Bloomberg)

Pressure on Democrats to increase the federal debt limit and avert a crippling default escalated on Monday, with the party facing a cumbersome legislative procedure that could complicate efforts to deliver on Joe Biden’s economic agenda.

Senate Republicans blocked a bill late Monday to suspend the debt ceiling until December 2022 and keep the government operating past the end of the fiscal year on Sept. 30. That’s left Democrats no clear alternative to overcome the filibuster except using a budget procedure that could take nearly two weeks.