Democrats seek extension of the federal debt limit to December
WASHINGTON, Oct 7 Reuters : The U.S. Senate Democrats and Republicans sought to reach an agreement on Thursday to ease the debt crisis after Democrats showed openness to a Republican offer to allow an extension of the federal debt ceiling into December.
Democrats called off a Wednesday afternoon vote after Mitch McConnell proposed the plan to buy a few months to resolve the issue.
But a deal could just kick the can down the road until December when Congress faces a deadline for funding the government. Democrats also want to pass two massive spending bills that will make up much of the President Joe Biden's domestic agenda in the coming weeks.
Senator Dick Durbin is the chamber's No.. 3 Democrat, welcomed McConnell's offer, saying it would provide additional time for Democrats to reach an internal agreement on Biden's multi-billion-dollar social policy package and to pass a $1 trillion bipartisan infrastructure bill.
According to Senator Durbin, it was a reckless and irresponsible strategy that Senator McConnell finally realized. So, he extended the debt ceiling to December 2013. It still is not resolved as it should be. Without congressional action to raise the $28.4 trillion debt limit, the Treasury Department has forecast that it will run out of ways to pay all its bills by October 18. Democratic leaders have blocked attempts by Republicans to bring legislation to suspend the caps.
McConnell suggested passing legislation to raise the debt limit by a fixed dollar amount, which he didn't specify until December.
That offer triggered hours of negotiations between the two sides, which ran late into the night.
We're not there yet? But I hope we can come to an agreement Thursday morning, Senate Majority Leader Chuck Schumer said on the Senate floor shortly after midnight.
There was no instant update from the offices of Schumer or McConnell on Thursday morning.
Other Democrats said they were examining the offer.
I think it is a step forward. Obviously I hope we can now negotiate a process that creates a long-term solution to the debt ceiling, said Senator Bernie Sanders, an independent who caucuses with Democrats and is a leader on the left.
McConnell described talks with Democrats on Wednesday as trading paper which you do at this point every time. While Democrats were interested in a two-month extension of the borrowing cap, they showed little interest in another suggestion by McConnell: that they use the intervening weeks to pass a longer-debt ceiling extension through a complex process called reconciliation.
Several Democrats said this would be too complicated and risky.
We don't accept debt limits through reconciliation, said Democratic Senator Debbie Stabenow. At this point if we can move it to December, that gives more time to get President-Neil Borg to get the agenda met without delay. Republicans, meanwhile, said they were worried that the Democrats will change a rule https: www.reuters.gov. com world us us-senate — filibuster-looms — large-leaders — seek-debt - ceiling-deal - 2021 - 10 - 06 known as the filibuster that requires a superiority of 60 votes for most legislation to advance, if the debt issue was not resolved.
The Senate is divided 50 - 50 between the parties, which has allowed Republicans to use the filibuster to block Democratic efforts to suspend the debt limit as well as other Democratic initiatives. But Democrats said late on Tuesday that Biden would consider making an exception to the filibuster https: www.reuters.gov. [ ] What-is com world what-is - us-senate filibuster - why - is-everyone-talking about - it - 2021 -- 10 -- 06 how to raise the debt ceiling and defend economy?
Does Kevin Cramer feel bad about his fellow Republicans' approach to default?