Senate GOP leader McConnell may offer short-term debt ceiling extension following pressure from Biden

U.S. Senate Minority Leader Mitch McConnell speaks with reporters at the U.S. Capitol in Washington, August 3, 2021.

Kevin Lamarque | Reuters

Senate Minority Leader Mitch McConnell may offer a short-term suspension of the U.S. debt ceiling to avert a national default and economic crisis until Democrats are able to pass a more permanent solution, according to two people familiar with his thinking.

The development comes as President Joe Biden and Democratic leaders in Congress amped up pressure on Republicans to act on the debt limit.

The stopgap offer from McConnell would take some pressure off both parties to reach a compromise by Oct. 18, when the Treasury Department estimates the U.S. will exhaust its emergency efforts to pay the government’s bills.

Republicans and Democrats have clashed in recent weeks over how best to raise or suspend the federal borrowing limit and it was not immediately clear if House Speaker Nancy Pelosi, D-Calif., or Senate Majority Leader Chuck Schumer, D-N.Y., would be open to McConnell’s potential plan.

McConnell and Schumer are set to meet later Wednesday, according to Texas Republican Sen. John Cornyn, which could lead to greater clarity on a possible agreement.

CNBC’s Ylan Mui contributed reporting.

CNBC Politics

Read more of CNBC’s politics coverage:

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

Next Post

Supreme Court asks U.S. if Guantanamo inmate can testify on torture in state secrets case

Wed Oct 6 , 2021
A view of the U.S. Supreme Court on June 28, 2021 in Washington, DC. Drew Angerer | Getty Images Supreme Court justices asked Wednesday if the U.S. would allow a Guantanamo Bay detainee to testify about his alleged torture and confinement by the CIA, a move that could sidestep a […]