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Schumer says “good progress” on debt ceiling after late negotiations, no deal
Senator Chuck Schumer, DN.Y., adopted an optimistic tone early Thursday and said negotiations to avoid a federal default were progressing, but there was still work to be done.
“We are making good progress; we are not there yet, but I hope we can agree tomorrow [Thursday] morning, ”he said, according to the Wall Street Journal. He made this comment shortly after midnight.
Republicans and Democrats are scrambling to determine how much the debt limit should be increased by the Oct. 18 deadline.
Schumer expressed optimism about the possibility of a deal on Thursday.
The Hill reported that Republicans wanted the short-term debt extension to be “tied to a specific number instead of a specific day in December.”
The report said Senator Mitch McConnell, leader of the Senate Minority Party, told reporters the deal would be done “soon.”
The deal would be a temporary reprieve that could lead to a similar stalemate in six weeks. The Washington Post described the debt ceiling standoff as a “proxy war on competing agendas on both sides.”
Biden called on top business leaders to push for the immediate suspension of the debt limit, saying the impending deadline creates the risk of a historic default that looks like a “meteor” that could crush the economy and financial markets.
McConnell said the deal “will discuss the Democrats’ apologies for the time crunch they have created and give the unified Democratic government more than enough time to pass stand-alone debt-limiting legislation through reconciliation”.
Sanders refused to sign letter condemning confrontation with Sinema, report says
Senator Bernie Sanders, I-Vt., Refused to sign a letter condemning the actions of left-wing activists who confronted Senator Kyrsten Sinema, D-Arizona, in a public washroom because the statement did not criticize his “views policies, “a report said Wednesday evening.
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No infrastructure bill but an exit ramp instead
CAPITOL ATTITUDE: Congress may not have an infrastructure bill. But at least he has an exit ramp. Democrats and Republicans forged what appeared to be a debt ceiling compromise on Wednesday.
Lawmakers sometimes harden their positions so deeply that they cannot extricate themselves from them.
They are stranded on the road to oblivion – as the headlights of a crisis point to them on the highway.
So everyone is looking for a way out. This was the case with the debt ceiling.
The parties were too entrenched in the political politics of the debt ceiling and the Democrats’ efforts to approve trillions in social spending. But the realpolitik of a national economic crisis was looming. –Chad Pergramme
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