August 18, 2022

Short-Term Increase in Debt Limit Suggested

“If we can’t do something really significant about the debt ceiling, then we’ll probably end up with a very short- term proposal over a few months, and we’ll be back having the same discussion in the fall,” Senator Mitch McConnell, the minority leader, said Sunday on the CBS program “Face the Nation.”

Economists and Obama administration officials are warning of a calamity if the government defaults on its obligations. The default deadline is Aug. 2.

Still, a leading Democrat said the two parties were coming closer together on the debt limit and deficit reduction.

“Progress is being made,” Senator Dick Durbin, the second-ranking Democrat, said on “Meet the Press” on NBC. “We shouldn’t wait until high noon” to raise the debt ceiling because “it will mean higher interest rates if we don’t.”

Vice President Joseph R. Biden Jr. is leading bipartisan Congressional talks on the debt limit and cuts in federal spending.

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