On Thursday, Minority Leader Mitch McConnell announced a deal with Senate Democrats to increase the debt limit by $480 billion until December 3, 2021.
Senate Leader Schumer claimed Democrats didn’t have enough time before the Oct. 18 deadline to do this on their own through “reconciliation,” a process which requires only 51 votes in the Senate.
But Democrats have known about the Oct. 18 deadline for months, so the tight deadline was 100% a problem of their own making.
McConnell has given Schumer SIX more weeks of additional runway. So no more excuses. Democrats should solve this debt crisis on their own, through reconciliation. Democrats are the ones trying to spend trillions of dollars, and so they should be the ones to own the debt.
December 3––is poised to be an important deadline for THREE reasons:
- Deadline to pass a long term debt limit increase through reconciliation.
- Deadline to pass legislation to continue funding the government, or the federal government will enter a shutdown on December 4.
- Democrats are still working to pass their $1.2 trillion “infrastructure” bill and their $3.5 trillion tax, debt, and spending bill. The negotiations of these two bills will also affect the negotiations over the debt limit and the funding of the federal government.
In the end, all these issues are tied together by the common themes of “debt, taxes, and spending.”