Thursday, October 7, 2021

McConnell Offers Democrats a Way Out of Debt Ceiling Standoff; Mitch McConnell Caves, Offers Democrats Short-Term Debt Fix Amid Standoff; Reps and Dems Agree to Delay Debt Ceiling Showdown Until December

AP Photo/J. Scott Applewhite
Mitch McConnell offers Democrats a way out of debt ceiling standoff:
Senate Minority Leader Mitch McConnell offered Democrats the opportunity to step back from the fiscal cliff on Wednesday.
Mr. McConnell, Kentucky Republican, privately told Democratic leaders that he would support a short-term debt ceiling suspension measure. The offer is contingent upon Democrats pushing through a long-term fix to the debt ceiling on their own at a later date.
“We have already made it clear we would assist in expediting [the party-line] process for stand-alone debt-limit legislation,” said Mr. McConnell. “To protect the American people from a near-term Democrat-created crisis, we will also allow Democrats to use normal procedures to pass an emergency debt limit extension at a fixed dollar amount to cover current spending levels into December.”
The GOP leader said the short-term maneuver would “moot” Democratic complaints about the time it takes to push a debt-ceiling increase unilaterally. --->READ MORE HERE
Chip Somodevilla/Getty Images
Mitch McConnell Caves, Offers Democrats Short-Term Debt Fix amid Standoff:
Senate Republican leader Mitch McConnell on Wednesday told Democrats he would allow an emergency debt limit extension into December, edging back from a perilous standoff by offering a potential path to avoid a federal default.
A procedural vote on legislation that would suspend the debt limit for two years was abruptly delayed, and the Senate recessed so lawmakers could discuss next steps.
“This will moot Democrats’ excuses about the time crunch they created and give the unified Democratic government more than enough time to pass standalone debt limit legislation through reconciliation,” McConnell said.
It also will allow Republicans to avoid the blame they would have gotten from some quarters for blocking a vote on the longer extension.
Earlier Wednesday, President Joe Biden enlisted top business leaders to push for immediately suspending the debt limit, saying the approaching Oct. 18 deadlines created the risk of a historic default that would be like a “meteor” that could crush the economy and financial markets.
At a White House event, the president shamed Republican senators for threatening to filibuster any suspension of the $28.4 trillion cap on the government’s borrowing authority. He leaned into the credibility of corporate America — a group that has traditionally been aligned with the GOP on tax and regulatory issues — to drive home his point as the heads of Citi, JP Morgan Chase and Nasdaq gathered in person and virtually to say the debt limit must be lifted. ---->READ MORE HERE
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