McConnell, the leader of the Republicans in the Senate, said his party would support extending the federal debt deadline and ended months-long dispute.
It’s thought this could end the months-long dispute between Senate Democrats and Republicans, who are expected to block a new attempt Wednesday to extend the $28.4 trillion debt ceiling.
“To protect Americans from a near-term crisis created by the Democrats, we will allow the Democrats to pass the emergency extension bill through December at a fixed dollar amount to cover current spending,” McConnell said in a statement Wednesday.
McConnell also supported the reconciliation method in his statement this morning, stating that negotiating the increase of the debt limit with the “budget settlement” method would be a long process, but noted that the Republicans were ready to accelerate this process.
Biden Accused Republicans
Biden met with a group of businessmen, including CEOs of major companies, including JPMorgan, Chase, Intel, and Nasdaq, on Wednesday to draw attention to the economic risks of default.
McConnell’s statement came after Biden accused McConnell and Senate Republicans of pushing the United States to the brink of the abyss at this meeting.
“Raising the debt ceiling means paying off what we already owe,” Biden said. “Republicans should stop playing Russian roulette with the economy,” Biden said. “This is not right, it is dangerous,” he said.
According to the rule of the lectern occupation, a bill cannot pass the 100-member Senate without the approval of 60 Senators, and the Senators can speak in the rostrum for as long and as they wish, until this percentage of votes is reached.
If the problem is not resolved quickly, some services of the state, such as sending social security checks to the elderly, may be disrupted.