It looks as if there may be an agreement about raising the debt ceiling, thanks to action from Senate Minority Leader Mitch McConnell (R-KY).
Many Republicans were less than thrilled with the senate minority leader, including and especially former President Donald Trump. "Looks like Mitch McConnell is folding to the Democrats, again. He’s got all of the cards with the debt ceiling, it’s time to play the hand. Don’t let them destroy our Country!," the statement read.
NEW!
— Liz Harrington (@realLizUSA) October 6, 2021
"Looks like Mitch McConnell is folding to the Democrats, again. He’s got all of the cards with the debt ceiling, it’s time to play the hand. Don’t let them destroy our Country!" - President Donald J. Trump pic.twitter.com/YfDejLfade
McConnell on Wednesday announced a sort of agreement that he will allow Democrats to raise the debt limit for two months without having to turn to the reconciliation process, while also having Democrats vote on a higher debt-limit number.
My new statement on the Democrats’ self-created debt limit crisis: pic.twitter.com/XwuqyS9oZ0
— Leader McConnell (@LeaderMcConnell) October 6, 2021
A statement from McConnell's office in part read:
“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. 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. Alternatively, 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.”
In his reporting for The Hill of various reactions from Senate lawmakers, Alexander Bolton commented on the influence Senate Majority Leader Chuck Schumer (D-NY) had, in that there was "a closed-door meeting just off the Senate floor where Senate Majority Leader Charles Schumer (D-N.Y.) worked to convince his fellow Democrats that it was the best way forward."
McConnell's statement also including strong words for Democrats, as it highlighted what the Senate minority leader referred to as "yet another self-created Democrat crisis."
Yet many mentioned McConnell had "caved," especially as Democrats claimed victory. This includes one such Democrat, Sen. Elizabeth Warren (D-MA). "McConnell caved," Bolton quoted her as saying after a meeting between Democrats. "And now we’re going to spend our time doing child care, health care and fighting climate change."
Did Mitch McConnell cave on the debt ceiling? Did Democrats? Who cares, it's just stupid. https://t.co/2C8mTNRMJq
— Barbara Malmet (@B52Malmet) October 7, 2021
Mitch McConnell has caved on the debt ceiling. No surprise. He’s not stupid enough to risk midterm voters blaming the GOP for a shutdown. He was just hoping liberal activists would panic and demand the Democrats cave. But the Democrats refused to cave, so McConnell had to cave.
— Palmer Report (@PalmerReport) October 6, 2021
Of course McConnell caves on the debt ceiling
— Storm Paglia ???? (@storm_paglia) October 6, 2021
A quick cave for McConnell, even by quick-cave McConnell standards. https://t.co/b1OB8sSamr
— David Bozell ???? (@DavidBozell) October 6, 2021
Democrats are cheering and laughing at McConnell’s cave. They have no intention of using reconciliation to raise the debt ceiling which was the whole point of McConnell’s gambit. How is he going to get them to do that now? https://t.co/WoUn4rBJiP
— Boris Ryvkin (@BRyvkin) October 6, 2021
The government is set to default on October 18.
And yet with government being what it is, Jordain Carney reported for The Hill Wednesday night already that "Schumer and McConnell jostle over size of debt limit hike."
Citing Sen. Kevin Cramer (R-ND), Carney wrote:
But Sen. Kevin Cramer (R-N.D.) told reporters on Wednesday night that the two sides were jostling over how high to increase the debt ceiling. As part of the agreement outlined by Republicans, the short-term debt extension would have to be tied to a specific number instead of a specific day in December.
“My understanding is they’re a fair bit apart,” Cramer said, adding that Democrats were pushing to increase the debt ceiling to a higher number that could buy them more time at the end of the year.
Cramer said that Republicans had offered around $300 billion as the increase, while Democrats were pushing for a larger number. Spokespeople for Schumer didn't immediately respond to a question about how high Democrats wanted to raise the debt ceiling as part of the short-term extension.
Cramer added that the number leadership agrees on has "implications" for when Congress will need to act in December to avert a debt default.
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"That probably takes us into late Friday or into Saturday, unless there can be UC," Cramer said, referring to the unanimous consent agreement that could speed up the Senate's debate.
Much like a vote on the infrastructure package, which was ultimately delayed until October 31, there was uncertain language as to whether a deal would be reached with the debt ceiling. As of early Thursday morning it has not been.
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