Democrats, Republicans near compromise on debt ceiling: LIVE UPDATES – Fox News

Schumer says ‘good progress’ on debt ceiling after late negotiations, no deal

Sen. Chuck Schumer, D-N.Y., struck an optimistic tone early Thursday and said negotiations to avoid a federal default were progressing, but there was still work to be done. 

“We’re making good progress; we’re not there yet, but I hope we can come to an agreement tomorrow [Thursday] morning,” he said, according to the Wall Street Journal. He made the comment shortly after midnight. 

Republicans and Democrats are working to determine just how much the debt limit should be increased before the Oct. 18 deadline.

Schumer expressed optimism that a deal could be reached Thursday.

The Hill reported that Republicans want the short-term debt extension to be “tied to a specific number instead of a specific day in December.” 

The report said Sen. Mitch McConnell, the Senate minority leader, told reporters that the deal would be completed “soon.” 

The deal would be a temporary reprieve that could lead to a similar standoff in six weeks. The Washington Post described the debt ceiling clash as a “proxy war over the two parties’ competing agendas.”

Biden enlisted top business leaders to push for immediately suspending the debt limit, saying the approaching deadline created the risk of a historic default that would be like a “meteor” that could crush the economy and financial markets.

McConnell said the deal “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.”

Sanders refused to sign letter condemning Sinema confrontation, report says

Sen. Bernie Sanders, I-Vt., refused to sign a letter to condemn the actions of left-wing activists who confronted Sen. Kyrsten Sinema, D-Ariz., in a public restroom because the statement did not criticize her “political views,” a report late Wednesday said.

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No infrastructure bill but an off-ramp instead

CAPITOL ATTITUDE: Congress may not have an infrastructure bill. But at least it has an off-ramp. Democrats and Republicans forged what appeared to be a compromise on the debt ceiling Wednesday. 

Lawmakers sometimes steel their positions so deeply that they can’t extract themselves.

They’re stuck on a road to oblivion – as the headlights of a crisis careen down the highway at them.

So everyone searches for an exit. Such was the case with the debt ceiling.

The sides were too entrenched over the politicking of the debt ceiling and the Democrats’ efforts to approve trillions in social spending. But the realpolitik of a national economic crisis loomed. –Chad Pergram

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