By Jesse Byrnes - 03/08/15 03:46 PM EDT
Senate Majority Leader Mitch McConnellMitch McConnellMuslim DNC speaker challenges GOP leaders to call Trump out Peter Thiel does not make the GOP pro-gay Reid: Trump is a 'hateful con man' MORE (R-Ky.) on Sunday vowed that Republicans would figure out a way to handle the nation's debt ceiling in order to avoid a government shutdown.
Treasury Secretary Jack LewJack LewDems hail Dodd-Frank reforms on law's anniversary Panic prompted ObamaCare lawlessness GE Capital and the coyote’s leg MORE wrote in a letter to Speaker John BoehnerJohn BoehnerDem drops out of race for Boehner's old seat Conservative allies on opposite sides in GOP primary fight Clinton maps out first 100 days MORE (R-Ohio) on Friday that he was preparing to take "extraordinary measures" to avoid defaulting on the country's debt and urged Congress to act soon to raise the cap on borrowing. It was suspended last year, but takes effect again March 16.
The Congressional Budget Office (CBO) last week estimated that the Treasury Department could hold off any missed payments until sometime in the fall, likely around October.
"I made it very clear after the November election that we're certainly not going to shut down the government or default on the national debt," McConnell said Sunday, referencing last year's midterms.
President Obama has traditionally demanded Congress raise the ceiling without coupling it with other policy provisions, though he now faces a GOP-led Congress.
"We'll figure some way to handle that. And hopefully, it might carry some other important legislation that we can agree on in connection with it," McConnell said.