Samuel Case, FISM News
Senate Republicans have agreed to pass an emergency extension of the debt limit suspension through December. This will give Democrats more time to include the suspension in the reconciliation bill and “moot Democrats’ excuses.”
Up to this point Senate Democrats have rejected Republican’s suggestion to increase the debt limit through a reconciliation bill, saying the process is too cumbersome. Senate Minority Leader Mitch McConnell said on Wednesday that Republicans would “assist in expediting” the process so Democrats can pass a “stand-alone debt limit legislation” via reconciliation.
Addressing the debt through reconciliation will allow Democrats to increase the debt ceiling by a party-line vote, but may come at a political cost, as any negative results will lay solely at the feet of the Democrats.
“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,” McConnell said in a statement on Wednesday. “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 stand-alone 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.
Some Senate Democrats have signaled they will accept this short term compromise. “We intend to take this temporary victory,” Democratic Senator Tammy Baldwin said on CNN. But as of Thursday Senate Majority Leader Chuck Schumer has not said if he will agree to McConnell’s offer.