How big a short term debt ceiling increase is McConnell agreeing to?

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The Politicus
Oct 06, 2021 07:58 PM 0 Answers
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Senate Republicans have thus far refused to raise the debt ceiling, which needs to be raised by October 18 to prevent the US Government from defaulting on the national debt. They have been insisting that Senate Democrats should raise it on their own through the Budget Reconciliation process, which allows budget-related bills to be passed with a simple majority rather than a 60-vote supermajority. But now they seem to have budged; Senate Minority Leader Mitch McConnell just issued a statement offering to allow Democrats to pass a short-term debt-ceiling increase through regular order:

We have already made it clear we would assist in expediting the 304 reconciliation process for standalone debt limit legislation. To protect the American people from a near-term Democrat-created crisis, we will also allow Democrats to use normal procedures to pass an emergency debt limit extension at a fixed dollar amount to cover current spending levels into December. This will moot Democrats’ excuses about the time crunch they created and give the unified Democratic government more than enough time to pass standalone debt limit legislation through reconciliation.

My question is, how big a debt ceiling increase is McConnell agreeing to? What dollar amount would be sufficient to cover all federal borrowing, at current spending and taxing levels, into December?

And how does this compare to the dollar amounts by which the debt ceiling has been raised in recent years? I’m aware that it’s often been suspended and then auto-adjusted upwards rather than raised, but I’m talking about the occasions in which it was actually raised by Congress.

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