Lawmakers compromise on debt limit extension

Democratic lawmakers on Wednesday stalled a vote on the debt ceiling after Republican Senate Minority Leader Mitch McConnell offered a short-term fix to extend the national debt limit. In a statement, McConnell said Republicans would not block a measure to extend the debt limit until December. If passed, the proposal ends a standoff between the two parties ahead of an Oct. 18 deadline, when the Treasury Department says the U.S. government will run out of money to fund its obligations. As of Wednesday evening, Democrats and Republicans were still negotiating details.

What happens if legislators reach agreement? If passed, the proposal would postpone a longer-term decision about the debt limit until December, when lawmakers would again need to vote on the issue. In his statement on Wednesday, McConnell still insisted that Democrats raise the debt limit on their own later this year, using the budget reconciliation process.

Dig Deeper: Read Edward Lee Pitts’ report on a similar debt ceiling standoff in Washington 10 years ago.