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Senate leaders said they were finalizing details of a deal to raise the debt ceiling before the Oct. 18 deadline, but that plan would essentially be a callback button that would bring lawmakers back here by mid-month. next.
It looks like Democrats and Republicans in the US Senate have come to an agreement to avert a debt ceiling crisis in the short term, but it’s still unclear what the long-term solution will be.
As Democratic leaders prepare to vote Wednesday afternoon on a House bill to suspend the debt ceiling until after the 2022 midterm election, Minority Leader Senator Mitch McConnell, offered a compromise: Republicans were ready, he said, to step aside and let Democrats use a fast-track reconciliation process to raise the debt limit or allow a direct vote up or down. the low on a short term extension of the debt limit until the end of November.
There were indications late Wednesday afternoon that Democrats were ready to accept the offer to extend in the short term.
This still leaves them in the position, in a month or two, of having to find a longer-term solution, which Republicans will likely still insist can only be done through fiscal reconciliation – which they will do. will use systematic obstruction to block anything. other. Democrats, for a variety of reasons, would prefer not to have to resort to this procedure to raise the debt ceiling. One of the reasons is that it would require them to set a numerical limit on the debt ceiling. It is currently just under $ 29 trillion.
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