Senate Majority Leader Mitch McConnell Addison (Mitch) Mitchell McConnellPelosi: Trump hurrying to fill SCOTUS seat so he can repeal ObamaCare Senate GOP aims to confirm Trump court pick by Oct. 29: report Trump argues full Supreme Court needed to settle potential election disputes MORE (R-Ky.) warned on Tuesday of the "potentially catastrophic economic impact" if President Trump Donald John TrumpOmar fires back at Trump over rally remarks: 'This is my country' Pelosi: Trump hurrying to fill SCOTUS seat so he can repeal ObamaCare Trump mocks Biden appearance, mask use ahead of first debate MORE closed the southern border.

"We certainly have a crisis on the border. I think the president’s right about that. Closing down the border would have potentially catastrophic economic impact on our country, and I would hope we would not be doing that sort of thing," McConnell told reporters.

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Trump, citing what he describes as a crisis at the U.S.-Mexico border, has recently renewed his threat to close it off entirely.

The president on Tuesday told reporters in the Oval Office that if Congress doesn't pass stricter immigration laws, he will either shutter the border or "close large sections of the border."

"If we don’t make a deal with Congress, the Mexico border’s going to be closed. 100 percent," Trump said. "Or we’re going to close large sections of the border, maybe not all of it. But it’s the only way we’re getting a response, and I’m totally ready to do it," Trump said.

Senate Minority Leader Charles Schumer Chuck SchumerSenate Democrats introduce legislation to probe politicization of pandemic response Schumer interrupted during live briefing by heckler: 'Stop lying to the people' Jacobin editor: Primarying Schumer would force him to fight Trump's SCOTUS nominee MORE (D-N.Y.) on Tuesday also warned of a potential "economic disaster" if Trump closes the border and predicted that "cooler heads will prevail upon the president not to do it."

"The economic disaster to the country would be huge, and my guess is that cooler heads will prevail upon the president not to do it. It would be a disaster for him and a disaster for the country," Schumer told reporters.