Congress sees short-term fix for debt

Senate GOP leader agrees to an emergency extension over lifting the nation's borrowing cap. It sets the stage for a sequel of sorts in December, when Congress will face deadlines to fund the government and raise the debt limit before heading home for the holidays.

By

National News

October 7, 2021 - 9:47 AM

U.S. Senate Minority Leader Mitch McConnell, R-Ky., attends a news conference on the debt limit on Capitol Hill in Washington, D.C., on Sept. 22, 2021. Photo by (Yuri Gripas/Abaca Press/TNS)

WASHINGTON (AP) — Republican and Democratic leaders edged back from a perilous standoff over lifting the nation’s borrowing cap, with Democratic senators signaling they were receptive to an offer from Senate GOP leader Mitch McConnell that would allow an emergency extension into December.

McConnell made the offer late Wednesday shortly before Republicans were prepared to block legislation to suspend the debt limit until December of next year and as President Joe Biden and business leaders ramped up their concerns that an unprecedented federal default would disrupt government payments to millions of people and throw the nation into recession.

The emerging agreement sets the stage for a sequel of sorts in December, when Congress will again face pressing deadlines to fund the government and raise the debt limit before heading home for the holidays.

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