Joe Biden has been throwing a big fit over Republicans not wanting to go along with raising the debt ceiling.
He even claimed that if the GOP didn’t agree to do it they would be the equivalent of sending a “meteor headed to crash into our economy.” Imagine using that terminology to describe not wanting to keep spending into oblivion.
Earlier, we reported that Senate Minority Leader Mitch McConnell had thrown out a potential offer for a short-term extension of the debt ceiling.
My new statement on the Democrats’ self-created debt limit crisis: pic.twitter.com/XwuqyS9oZ0
— Leader McConnell (@LeaderMcConnell) October 6, 2021
“We have already made it clear we would assist in expediting the 304 reconciliation process for stand-alone debt-limit legislation,” McConnell said. “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.”
So basically what McConnell was doing was calling their bluff — taking away the time excuse and putting it entirely on the Democrats, giving them until December. They have the option of raising the debt limit through reconciliation on their own — they don’t need the Republicans to do it. But they don’t want to do that because they also want to use reconciliation to pass their budget bill, the massive $3.5 trillion spending spree (“Build Back Better”), and there is a limit to the number of times they can use reconciliation.
Sen. Joe Manchin (D-WV) already said today that he would not support a suspension of the filibuster so that killed that avenue for Democrats getting around the question.
This was how the former chief of staff for Harry Reid took it.
🚨Danger. McConnell says he will expedite reconciliation *only if* Republicans get to dictate the size of the debt limit increase, and that he will only “allow” a 2-month increase. It’s a power grab and a path to endless small increases – rolling crises that shift leverage to Rs. https://t.co/wLSpSghJKy
— Adam Jentleson 🎈 (@AJentleson) October 6, 2021
Now the word is Senate Democrats are indicating they intend to accept the short-term offer, which, while it punts the ultimate decision on the debt limit down the road, still means they have to make that choice whether to use reconciliation for it and they will no longer be able to blame the Republicans for any action.
“We intend to take this temporary victory,” Senator Tammy Baldwin (D-IL) said.
It’s believed they will try to put the extension for a vote tomorrow.
But there hasn’t been an official acceptance as yet from Senate Majority Leader Chuck Schumer (D-NY) so while many Democrats are saying they will accept the deal, it’s not quite done yet.