(Talking Points Memo) Senate Democratic leader Harry Reid (R-NV) told the Republican party that the chaos over the succession contest for House speaker is no excuse for allowing the U.S. to default on its debt. In a statement released Thursday, Reid said that the GOP had devolved into "utter chaos" following House Majority Leader Kevin McCarthy's announcement that he had dropped out of the race.
"The utter chaos of the Republican party must not threaten the full faith and credit of the United States and the American people," Reid wrote. "While negotiations on a budget deal continue, we should work together immediately to take the threat of default off the table."
The Treasury Department has announced a Nov. 5 deadline for raising the debt ceiling. Other contenders for the speakership, including Rep. Jason Chaffetz, have signaled that they would allow the U.S. to default.
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