After the lengthy caucus meeting on Thursday Senate Democrats signaled that they would accept Minority Leader Mitch McConnell’s offer for temporarily lift the borrowing limit as compromise to pass a short-term debt ceiling bill that would ensure the federal government does not default on its financial obligations, The New York Times reports.
Senate Republicans and McConnell have refused to support raising the debt ceiling for months due to their opposition to the Democrats’ new government spending but McConnell came with the Republican-approved solution on Wednesday allegedly concerned that Democrats could pressure moderate Senators Manchin and Sinema to suspend the filibuster.
Yet, Sen. Manchin put to rest that speculation repeating his steadfast opposition to eliminating the filibuster – requiring 60 of 100 senators to pass most major legislation- which would be impossible without him.
Senator Chris Coons said after the meeting that McConnell’s offer enables them to raise the debt ceiling through December, allowing them two to three months to focus on better agenda, though other Democratic senators noted they would not use budget reconciliation to unilaterally raise the debt ceiling for the long term.
The White House press secretary Jen Psaki, on the other side, dismissed McConnell’s offer on Wednesday pointing it is more complicated than the “least risky” option in which the Democrats would vote on a longer-term suspension.
Treasury Secretary Janet Yellen warned on Tuesday that the US would likely face recession due to the default on its obligations if the debt limit is not raised by October 18.
The Democrats’ options to address the issue are narrowing since the Oct. 18 deadline pointed by the Treasury Department as a date when the US could begin defaulting on its debts, first time in history, is moving closer.
Reacting to Senate Republicans’ offer amid the congressional standoff over the looming deadline, former President Trump blasted McConnell on Wednesday for “folding” to Democrats, pointing that it’s time to play the hand since he’s got all of the cards with the debt ceiling, and calling on them not to let Democrats to destroy the US.