The Hill News

Ahead of a major address to Wall Street by Speaker John Boehner (R-Ohio) Monday, Sen. Charles E. Schumer (D-N.Y.) called on Boehner to announce that he will no longer threaten to cause the U.S. to default on its obligations by refusing to raise the nation’s debt ceiling.

Schumer said that Monday’s speech will be a “litmus test” of Boehner’s ability to treat the raising of the debt ceiling as an adult and that even if he sees the threat of default giving the GOP an advantage in budget talks, Boehner must pledge to raise the ceiling in a “timely” way.

“Speaker Boehner must provide unwaivering reassurance to the credit markets,” Schumer said.

He said that no matter how deficit talks with Vice President Biden are proceeding, the House must move to raise the $14.3 trillion debt ceiling well before it is reached on Aug. 2. He said that if there is no action by around July 15, markets could start to react badly.

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