McConnell cuts deal with Democrats on new plan to avoid default
CNN
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, a deal that underscores the lengths the GOP leader will go to avoid a damaging default without Republican support to increase the national borrowing limit.
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.
The House will vote on Tuesday to pass the legislation to set up the debt limit process, Speaker Nancy Pelosi announced.
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