Senate leader McConnell says no chance of U.S. default on debt


FILE PHOTO: U.S. Senate Majority Leader Mitch McConnell speaks to the news media after the weekly Republican Party caucus lunch meeting at the U.S. Capitol in Washington, U.S., June 25, 2019. REUTERS/Leah Millis/File Photo

WASHINGTON (Reuters) – Senate Majority Leader Mitch McConnell declined on Tuesday to predict when the U.S. Congress would act to approve a new U.S. debt ceiling, but said he saw no chance of default on debt payments.

“There will not be any question that we will raise the debt ceiling,” McConnell told reporters. “I don’t think there’s any chance that we’ll allow the country to default.”

Senate Appropriations Chairman Richard Shelby said Treasury Secretary Steven Mnuchin intended to ask U.S. House Speaker Nancy Pelosi to resume negotiations on the debt limit coupled with a spending cap deal for the 2020 fiscal year.

Reporting by Richard Cowan and Doina Chiacu; Writing by David Alexander; Editing by Susan Thomas

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