U.S. Senate appears near temporary truce in debt-ceiling standoff
The U.S. Senate appeared near to a temporary deal to avert a federal debt default in the next two weeks, after Democrats said on Wednesday they might accept a Republican proposal to defuse the partisan standoff that threatens the broader economy.
Democrats called off an early afternoon vote after the Senate's top Republican, Mitch McConnell, floated a plan that would buy more time to resolve the issue. McConnell proposed that his party would allow an extension of the federal debt ceiling into December.
Senate GOP leader McConnell offers short-term debt ceiling extension following pressure from Biden
Senate Minority Leader Mitch McConnell on Wednesday offered a short-term suspension of the U.S. debt ceiling to avert a national default and economic crisis until Democrats are able to pass a more permanent solution before the end of the year.
“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,” he said in a statement posted to Twitter.
Biden chides 'dangerous' Republicans in CEO meeting as debt limit chaos looms
U.S. President Joe Biden piled the pressure on congressional Republicans
to vote for a debt ceiling increase in a meeting with bank and business leaders at the White House on Wednesday, saying their opposition would take America "right to the brink."
Reference: CNBC, Reuters
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