Showdown Over The Debt Limit: Democrats Express Support For Short Term Extension

As important as the situation is, the fight over the debt limit comes down to process.
That legislation, with a cost of about $3.5 trillion, applies to future spending, while lifting the debt limit is required to pay off existing government outlays.” /> Republicans, though, want to send a message about the debt limit, linking it to Biden's social spending proposals, the latter of which they regard as reckless.
McConnell had so far refused to go along with a stand-alone, longer-term debt limit increase, holding the threat of a filibuster that requires a 60-vote threshold for such a measure to make it to the floor.
The White House was a bit more skeptical of a short-term extension. The Senate was to take up a standalone bill for longer-term extension of the debt ceiling, but Republicans vowed to block it.
Sen. Mazie Hirono (D-HI) told reporters that it would still be a short-term fix, as Democratic lawmakers still oppose raising the debt limit in the long term via a process known as reconciliation.
Treasury Secretary Janet Yellen has warned of the consequences of not raising the debt limit by October 18, as the U.S. would enter a scenario in which it could not pay its debt obligations, something that has never happened before.
Sen. What's unclear is whether Democrats will accept the proposal. Dick Durbin (D-IL), the majority whip, was non-committal as he exited the chamber following a vote. Senate Minority Leader Mitch McConnell (R-KY) proposed a short-term extension of the limit at a fixed dollar amount, a measure that would cover the nation's debt through December.
But it would likely mean that a dollar amount would have to be attached to the debt increase, something that Democrats fear would be used against them in next year's midterm elections. Instead, McConnell has been insistent that Democrats raise the debt limit through a process known as reconciliation, something that would require only a majority vote.
media this week as yet another example of the deep partisan divisions that seemed to have only worsened since Joe Biden took office. Senate Majority Leader Chuck Schumer has blasted Republicans for playing politics with the nation's credit-worthiness. It's the latest wrinkle in a showdown that has captivated D.C.
"Wait and see," he told reporters. Dick Durbin (D-IL) said that they were still awaiting official language from Minority Leader Mitch McConnell's proposal for the short term extension. Sen.
were to default on its debts, Republicans on Wednesday floated a new offer to Democrats as a way to resolve in the short term a party stand-off over the debt limit. PREVIOUSLY: As the White House gathered CEOs to underscore the dire situation if the U.S.
"We don't need to kick the can. We don't need to go through a cumbersome process that every day brings additional risks," said White House Press Secretary Jen Psaki.
economy." Among those at the meeting were JP Morgan Chase CEO Jamie Dimon, Bank of America CEO Brian Moynihan and Citi CEO Jane Fraser. At the White House, Biden gathered a group of CEOs, telling them, “Our Republican friends need to stop playing Russian-roulette with the U.S.
government default. UPDATED, 1:47 PM ET: Senate Democrats coming out of a caucus meeting expressed support for a short-term increase in the debt ceiling through December, albeit it may only be a temporary resolution of a situation that risks a U.S.

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