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McConnell Says Deal Reached With Schumer On Debt Limit

Courtesy of ZeroHedge View original post here.

Senate Minority Leader Mitch McConnell says Congressional leaders have reached a deal to avoid breaching the federal debt ceiling.

The deal will allow Democrats to raise the debt ceiling on their votes alone – creating a temporary fast-track process which would allow them to increase the debt limit with 51 votes, bypassing the filibuster.

I believe we’ve reached here a solution to the debt ceiling issue that’s consistent with Republican views of raising the debt ceiling for this amount at this particular time and allows the Democrats to proudly own it,” said McConnell, adding that there will be a vote on Thursday.

The new plan will be tied to a non-controversial bill which would avoid cuts to Medicare, according to NBC News‘ Sahil Kapur.

This would allow the debt ceiling to be raised in the Senate with only Democratic votes in the 50-50 chamber. Republicans had said they would not provide votes to help raise the debt ceiling again after doing so in October. 

The bill unveiled by the House Rules Committee combines a fast-track process for raising the debt ceiling with Medicare legislation. 

The 10-page proposal would avert automatic cuts faced by physicians and other medical providers under Medicare, while setting up the special procedures designed to pave the way for the debt-limit hike in the Senate. -The Hill

The debt ceiling is set to reach its limit as soon as Dec. 15, according to a recent warning by Treasury Secretary Janet Yellen.

If Congress passes the measure, it would be the second such bailout in recent days after Biden signed a 10-week stopgap funding bill into law last week which gives Congress until Feb. 18 to come up with a full year of appropriations.


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