Schumer-McConnell Talk on the Debt Ceiling

Senate Majority Leader Charles schumerChuck Schumer Bottom line, Christie: Trump’s rhetoric on the stolen elections led to the January 6 attack Senate Republicans ask colleagues to reject public spending bills without border wall funding MORE (DN.Y.) and Republican leader Mitch McConnellAddison (Mitch) Mitchell McConnell Yellen warns that the US could default shortly after December 15. Democrats face restrictions on Biden’s spending bill. (R-Ky.) They’re talking about the debt ceiling as the country heads toward a debt cliff next month.

Two sources told The Hill that the two Senate leaders have spoken on the issue, though both cautioned that the discussions are in the early stages.

“There are discussions … that are at least initially ongoing about that. We’ll see where it lands, ”the Senator said. John thuneJohn Randolph ThuneSchumer: It’s ‘Time’ To Revoke Iraq War Resolution Republicans See Trump Weaken As Democratic Talker Gingrich Endorses Herschel Walker In Georgia Senate Race MORE (RS.D.), McConnell’s No. 2.

When asked if he was referring to the discussions between McConnell and Schumer, Thune added: “Yes. I hope there is some progress there. “

A second source confirmed that the two Senate leaders were speaking, after an icy confrontation in the run-up to the October debt ceiling fight, when moderates from both parties urged them to negotiate with each other.

Congress heads back toward a debt ceiling fight after lawmakers agreed to a short-term debt increase.

The advisers, citing Treasury Department estimates, said the extension would keep the government solvent until December 3, although outside groups had predicted that the country could hit the fiscal cliff between mid-December and mid-February.

secretary of the treasury Janet yellenJanet Louise Yellen On the money: Democrats try to read the tape. Yellen warns that the United States could default shortly after December 15. Biden’s decision on the Fed chairmanship is said to be “imminent.” He warned lawmakers in a letter Tuesday that they will reach the “X” date, when the government will no longer be able to pay all its bills, on December 15.

Democrats have yet to say how they will raise the debt ceiling after Senate Republicans won 11 votes earlier this year to help advance a debt bill. Although all Republicans voted against raising the debt ceiling bill in its final passage, they were fiercely criticized by conservatives for helping promote the debt bill.

McConnell, in a letter to Biden shortly after the vote, promised that Republicans would not help again.

The early fall showdown between the two leaders frustrated some moderates who urged them to start talking as the October showdown loomed.

Manchin told reporters at the time that McConnell and Schumer should “get engaged, get to work, figure this out.”

“We have a responsibility to be adults … we should not have these artificial crises,” he added.

When asked why Schumer and McConnell did not speak further before the October clashes, Thune added that he was “too late in the game” and that the uncertainty surrounding the December date requires working ahead to find a way to avoid a default. .

“I am glad that they are starting to continue these discussions,” he added.

Both McConnell and Schumer were silent during Tuesday’s press conferences when asked about the upcoming debt ceiling fight.

“We must pass the debt limit. We cannot allow the full faith and credit of this country to wane, and we hope to do so in a bipartisan way, “Schumer told reporters Tuesday.

When asked about demands by fellow Democrats that Republicans help promote debt cap legislation, McConnell told reporters: “We will find out how to avoid default, we always do.”

Congress ended the fight for the debt ceiling earlier this year after McConnell offered to let Democrats pass a short-term extension or speed up the process for Democrats to raise themselves under the budget reconciliation process.

McConnell and the Republican senators who helped promote the debt ceiling bill earlier this year are vowing they will not do it again.

But they say the offer to speed up reconciliation, which can trigger a long and chaotic floor process, is on the table.

“The question is if they could do it through a reconciliation process that is expedited. That is the proposal as I understand it. I think it is a reasonable proposal, ”said the Senator. Rob portmanRobert (Rob) Jones Portman The Hill’s Morning Report – Presented by ExxonMobil – Biden praises infrastructure law, talks with China’s Xi Biden signs 1 billion infrastructure bills McConnell will not go to White House signing ceremony for the MÁS infrastructure bill (R-Ohio).

Its. Pat toomeyPatrick (Pat) Joseph ToomeyBlack Women Seek To Build On Achievements In Upcoming Election Watch Live: Republican Senators Present New Infrastructure Proposal Sasse Reprimanded By Nebraska Republican Party For Impeachment Vote MORE (R-Pa.) He has explored a proposal, endorsed by others in the caucus, to speed up the committee process and the floor if Democrats agree to increase the debt ceiling through the budget process. Reconciliation typically requires hours of debate and an unwieldy branch vote, where any senator who wants a vote can force it.

“The goal was to try and create a process where you could quickly transact on the floor,” Thune said.

Its. Kevin CramerKevin John Cramer Night Defense and National Security: A New Plan to Treat Marines ‘Like Human Beings’ Republicans pressure Milley on perception of a progressive military agenda Republican senators accuse Democrats of prioritizing social spending over military MORE (RN.D.) added that the proposal Toomey was buying was “the main play” of the Senate Republicans.

“It would rather be how we can accommodate” to reconciliation, Cramer said. “That’s the main work, that’s it.”

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