Senators turn down short-term debt limit proposal

 May 3, 2023

Both Democratic and Republican senators turned down a White House option to approve a short-term debt limit proposal to deal with the nation's looming debt limit.

The suggestion was met with skepticism from both parties as a more permanent solution is sought to address the coming deadline.

The concern

“I’d only be interested in that if there’s some serious significant progress happening between the president and the speaker,” Sen. Kevin Kramer (R-ND) Cramer told the Washington Examiner Tuesday.

“If they are working hard at it and it looks like they are getting closer, yeah, I could be compelled to have a little more time if they need. But I don’t want to do it now because every day you give them, they’ll take, and that’s just the way we work around here," he added.

What's next?

"McCarthy, in a statement responding to Yellen's letter, said Monday that 'House Republicans did their job.' He also criticized President Joe Biden, saying he 'has refused to do his job,'" according to NBC News.

"McCarthy did, however, accept Biden's invitation to meet with him and other top congressional leaders at the White House on May 9 to discuss the debt ceiling, a source familiar with the call confirmed," it added.

In the Senate, Majority Leader Chuck Schumer (D-NY) agreed that there should be a longer solution, pushing for an agreement through December 2024 after the next presidential election.

"We should not kick the can down the road. I believe we should go for the full two-year extension," he told reporters.

Not even close

The GOP plan has been threatened with a veto as it forces hundreds of millions of dollars in budget reduction from approved Democratic programs.

The McCarthy bill also cancels funding for President Joe Biden's student loan forgiveness plan, a key promise in his first term.

The latest conflict shows the answer is not even close, despite less than a month before a potential government shutdown.

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