McConnell says his deal will ‘moot’ Democratic excuses and force a budget reconciliation
Senate Minority Leader Mitch McConnell, R-Ky. told its allies on Wednesday that it was ready to cut a deal with Majority Leader Chuck Schumer, D.N.Y., to prevent nationwide loan defaults.
Granthshala News has learned that the minority leader is serious about forcing Democrats to raise the national debt limit through the budget reconciliation process.
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Under threat of a nationwide financial default, McConnell is expected to propose an expedited resolution process if the loan limit is not increased by October 18.
Alternatively, minority leaders could offer a short-term extension on the debt limit through November, as long as Democrats use the time to move quickly through the new budget.
Granthshala News was told that Republicans are expected to offer a specific amount regarding the loan limit increase, but that figure is unclear.
McConnell did not respond to Granthshala News’ questions on leaving lunch in a closed room with his GOP allies, but in a statement Wednesday he accused the Democratic Party of creating a “default crisis.”
“whether through miscalculation or a deliberate attempt to bullying its own members In ruining the Senate, top Democrats run the risk of adding an inflation crisis, a border crisis and a default crisis to the Afghanistan crisis that they have already created,” McConnell said.
The minority leader has urged Congressional Democrats to push through debt limit increases as part of the budget reconciliation process.
Budget reconciliation is a tool that the majority can use to pass budget measures without the support of minorities, allowing them to circumvent filibuster.
Schumer said last week the budget reconciliation was a “non-starter” and alleged that it was too complicated and lengthy for the process to move through Congress until October 18.
McConnell’s deal would force the Democratic leadership to rely on budget reconciliation, allowing Republicans to save face with their constituents, as the GOP would not support an increase in the debt limit.
The resolution also signals that Republicans are heeding White House concerns that defaulting on financial obligations could threaten US national security.
“The Republicans are the only party with a plan to prevent default,” McConnell said. “This would erase the Democrats’ excuses about the lack of time they made and give the unified Democratic government enough time to pass stand-alone debt ceiling legislation through reconciliation.”