McConnell Offers Path to Raising Debt Ceiling as Default Looms

Senate Minority Leader Mitch McConnell (R-KY) is offering a way out of the congressional stalemate that would have resulted in the United States defaulting on its debt. McConnell previously told the Democrats they would have to use budget reconciliation to pass a debt-limit increase without the support of Senate Republicans or offer a specific amount by which they would raise the debt ceiling. The Kentucky Republican said in a statement, “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.” Congressional negotiations over the national debt will likely resume in December. Treasury Secretary Janet Yellen has warned that the looming Oct. 18 debt default would be catastrophic should Congress not reach a deal. McConnell’s peace offering comes amid a season of high-stakes negotiations on Capitol Hill over government funding and potential shutdowns as well as President Joe Biden’s two marquee infrastructure bills.