WASHINGTON (Businesshala) – US Senate Democrats and Republicans were expected to continue talks on Thursday to avert the debt crisis, as Democrats pushed for a Republican proposal to allow an expansion of the federal debt limit in December. showed openness.
Democrats kicked off early voting Wednesday afternoon after Senate top Republican Mitch McConnell devised a plan to buy a few months to address the issue.
But that could put Cain down by the end of this year, when Congress also faces a deadline to fund the government. Democrats also want to pass the two big spending bills that make up much of President Joe Biden’s domestic agenda in the coming weeks.
Without congressional action to raise the $28.4 trillion debt limit, the Treasury Department predicts it will run out of ways to meet all of its obligations by October 18. Republicans have blocked Democratic efforts to introduce legislation to suspend the cap.
But on Wednesday McConnell suggested passing legislation to raise the loan limit by a certain dollar amount, which he did not specify until December.
Senate Majority Leader Chuck Schumer met with his fellow Democrats behind closed doors to discuss McConnell’s idea, but made no public comment. Other Democrats said they were investigating the proposal.
“I think it’s a step forward. Obviously I hope we can now negotiate a process that creates a long-term solution to the debt limit,” said Senator Bernie Sanders, an independent who is a Democrat. Works together and is a leader on the left.
Later on Wednesday evening, McConnell indicated that the two sides were exchanging views. “We are trading paper,” the Republican leader told reporters. “Which you always do at this point.”
But while Democrats were interested in a two-month extension of the borrowing limit, they showed little interest in another suggestion from McConnell: that they should pass a longer-debt limit extension through a complicated process called conciliation. Use the intervening weeks.
Many Democrats said it would be too complicated and risky.
“We’re not going to limit debt through reconciliation,” said Democratic Senator Debbie Stabeno. “At this point, if we can get it (the debt limit) to December, that would give us more time to complete the president’s agenda.”
Another Democrat, Senator Elizabeth Warren, said, “McConnell leaned in.” “And now we are about to spend our time in childcare, health care and fighting climate change.”
Meanwhile, Republicans said they were concerned that Democrats might change a rule here known as a filibuster that needed 60 votes to push most of the legislation if the debt issue was not resolved. supremacy is required.
The Senate is split 50-50 between the parties, which has allowed Republicans to use filibusters to block Democratic efforts to suspend debt limits as well as other Democratic initiatives. But Biden said late Tuesday that Democrats would consider raising the debt limit and making an exception to the filibuster here to protect the economy.
Asked whether his fellow Republicans were becoming concerned about approaching default, Senator Kevin Cramer said: “Republicans are more concerned about the prospect of blowing up a filibuster.”