Lawmakers signal open to extension of short-term debt ceiling | Pennsylvania News
WASHINGTON – Looks like Congress has struck a deal to extend the country’s debt limit, at least for a few more months.
The official deadline is less than two weeks away, but after some maneuvering in Washington, lawmakers may have struck a deal they can live with, for now.
After weeks of the usual bickering between the two parties, and even infighting among Democrats, it looks like Congress will vote on a short-term emergency extension of the debt ceiling until December, averting a default and, according to some experts, a disaster.
It comes after Senate Minority Leader Mitch McConnell, a Republican, offered Democrats a compromise, saving Democrats from having to use a process called reconciliation or trying to remove filibuster in order to ” increase or suspend the debt ceiling.
Some Democrats see it as a victory, but the White House is pushing for a long-term solution.
“If we’re looking for the best options, why throw the box a few more weeks, why create an extra layer of uncertainty? Why not just do it now? This is what we continue to press. And it’s our first choice, ”White House press secretary Jen Psaki said.
Treasury Secretary Janet Yellen warned lawmakers the federal government would be cash-strapped by October 18, if not sooner, unless Congress takes action.
Lawmakers on both sides blamed the other for the deadlock on the debt ceiling.
“If Republicans got out of this damn path, we could do it all,” Democratic Senator Chuck Schumer of New York said.
“It is not clear whether the Democratic leaders have wasted two and a half months because they simply cannot govern or whether they are intentionally playing Russian roulette with the economy to intimidate, intimidate their own members so that ‘They go back on their word and destroy the Senate, “McConnell said.