Senate Majority Leader Chuck Schumer and Senate Minority Leader Mitch McConnell have reached an agreement to create a one-time process that would let Democrats raise the debt ceiling on their votes alone
The new legislation, if passed in the House and advanced with 60 votes in the Senate, would create a temporary fast-track process to allow Senate Democrats to act on their own to increase the debt limit with 51 votes. The legislation outlines that Congress would have to specify the exact dollar amount of a new national debt limit -- likely north of $30 trillion. The fast-track process would expire after January 15.
"I'm confident this particular procedure coupled with the avoidance of Medicare cuts will achieve enough Republican support to clear the 60-vote threshold," he said. McConnell also pushed back on the idea that by brokering a debt limit deal to stave off default with Democrats he has reversed his earlier position of saying that Republicans would not help Democrats deal with the issue."The red line is intact.
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