May 17, 2022

McConnell, Senate GOP caves on debt ceiling

Senate Democrats have announced they will agree to a Republican plan to extend the nation’s borrowing limit for three months to avoid a government shutdown, according to Connecticut Democratic Sen. Chris Murphy.

“We are willing to take this offer in order to stave off fiscal ruin,” Murphy told reporters Wednesday, according to the Washington Examiner.

“We are all beside ourselves that the only thing Republicans are willing to do is prevent disaster for three months and put us right back in this position,” Murphy added.

Democrats want to raise the debt ceiling for another year, but recognize the votes are not there in the senate to proceed. The current effort allows a temporary solution for both parties as they continue to debate the debt ceiling and President Joe Biden’s spending plans.

Treasury Secretary Janet Yellen warned Congress must raise the debt ceiling by Oct. 18 to avoid stoppage of essential services, including Social Security payments to Americans.

Some Democrats saw the agreement as a win for the party, despite not achieving their hopes for a raised debt ceiling.

Massachusetts Democratic Sen. Elizabeth Warren told reporters, “McConnell caved,” according to the Examiner.

Regardless of the process and party with an advantage, many Americans will be happy with at least a short term solution. However, Congress will still need to settle on a longer agreement in three months, meaning the battle is far from over.

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