McConnell offers debt ceiling deal and Democrats accept
October 6, 2021 - Senate Minority Leader Mitch McConnell (R-Ky.) offered a compromise with Democrats that could put an end to the ongoing stand-off regarding the national debt ceiling. According to The Hill, Senate Majority Leader Charles Schumer (D-NY) is expected to announce Democrats would accept the offer.
McConnell has stated that he will allow the Democrats to increase the nation's borrowing authority for two months without having to use the budget reconciliation process. McConnell recently released a press release to address the topic.
In his press release McConnell states that this is "yet another self-created Democrat crisis." McConnell continues, “Republicans remain the only party with a plan to prevent default. We have already made it clear we would assist in expediting the 304 reconciliation process for stand-alone debt limit legislation. 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."
McConnell claims that by extending this offer it should allow for more than enough time for the "unified Democratic government" to pass the stand alone debt limit legislation through reconciliation. McConnell ends his press release by stating, "If Democrats abandon their efforts to ram through another historically reckless taxing and spending spree that will hurt families and help China, a more traditional bipartisan governing conversation could be possible.”
Following McConnell's press release the Democrats have decided to delay voting on a bill that would suspend the debt ceiling through next year. According to The Hill , A member of GOP leadership confirmed that senators had been told they could leave the floor, where they had been voting on an unrelated nomination, for now.
The Democrats are expected to accept the offer and continue work on their priorities for spending.
"McConnell caved," said Sen. Elizabeth Warren (D-Mass.). "And now we're going to spend our time doing child care, health care and fighting climate change."
Democrats had recently decided against using the budget reconciliation process to raise the debt limit due to the amount of floor time that would have been required. This new offer allows them to avoid that outcome.
The clock is ticking as lawmakers have only until October 18th to raise the debt ceiling or face a monumental default.