While the democratic representatives and Senate moderates go over details to reach an agreement to avoid a federal default, Democrats were ready to accept a temporary delay in the debt ceiling.
Progressive representatives from the House had an early meeting with President Biden to discuss the reduction in their spending bill by $1 trillion. According to different sources, moderates need a lesser figure in order to work with the agreement. They agreed $1.9 and $2.2 trillion could be the safety net of the bill. This included a detailed account of finding ways in which the government’s plan of spending could be brought back without hindering the development projects that are part of the budget.
The Senate Minority Leader, Mitch McConnell, was the one to offer the short-term extension as a solution to avoid any catastrophic incidents due to federal default, that has never before occurred in America’s history.
“They have finally done the right thing and at least we now have a couple of months in order to get another permanent solution. There’s not going to be reconciliation.” Said Senate Budget Committee Chair, Bernie Sanders, regarding the acceptance of the agreement offered by the minority representatives.
The deadline before the federal default comes into action is October 18, 2021. Out of the 60 votes required to pass a bill in the Senate, Democrats currently only have 50. Therefore, the decision was delayed and there was no agreement over how the bill would be passed. The Senate GOP already blocked the Democrats effort to suspend the debt limit.