WASHINGTON (WBAP/KLIF News) – With less than two weeks from a deadline over whether Congress can strike a deal over whether to raise the nation’s debt ceiling, lawmakers on Capitol Hill said they’ve come up with a temporary fix.
Senate Majority Leader Chuck Schumer (D-NY) said his party has reached an agreement with Republicans to extend the debt cap through early December.
Speaking on the Senate floor Thursday, Schumer told lawmakers the goal is to get the bill passed quickly.
“It’s our hope that we can get this done as soon as today,” he said.
President Biden and business leaders had been warning the nation of the need to raise the debit ceiling ahead of the October 18th deadline and of what could happen to the economy if the country went into default.
Speaking to the nation earlier this week, Biden said the funding will pay for what’s already owed.
“It has nothing to do with any new spending being considered. It has nothing to do with my plan for infrastructure or ‘Building Back Better’ zero. So if we’re going to make good on what’s already been approved by previous presidents and Congresses and parties…we have to pay for it,” he said.
Last week, Republicans voted to default with Senate Minority Leader Mitch McConnell (R-KY) later urging Democrats to head down the path of reconciliation to secure the funding.
Both sides will have to overcome a similar hurdle when the extension runs out in December.
Copyright 2021. WBAP/KLIF News. All Rights Reserved. The Associated Press contributed to this report.
