WASHINGTON (WDVM) — Maryland Senator Chris Van Hollen took to the Senate floor on Thursday as the Senate is set to decide whether to raise the federal debt ceiling.
Senator Van Hollen is urging Senate Republicans to vote in support of the already House-passed resolution. A passing vote would continue to fund the government while also raising the debt ceiling.
According to the Associated Press, the federal government could shut down if funding stops next Thursday, Sept. 30 which is the end of the fiscal year. Furthermore, later in October, the U.S. is at risk of defaulting on its accumulated debt load if its borrowing limits are not waived or adjusted.
A passing vote through the Senate would also honor financial commitments the United States has already made and potentially prevent what Senator Van Hollen is calling a “historic default”.
“If Republicans continue on the path they are, it’s going to cause job loss and that loss in household wealth as well,” Senator Van Hollen said. “We’ll be hitting families throughout this country. So if the necessity of raising the debt ceiling is so clear, why are we here?”
Senator Van Hollen also explained in his floor speech that raising the debt ceiling will hopefully avoid job loss for millions of Americans as well as a spike in unemployment.