Crisis averted, until December
Republicans and Democrats in the U.S. Senate have come to an agreement to extend the U.S. debt limit into December, which will avoid a government default that would have occurred next week, and giving time to come up with a solution by December.
They are not toning down the hyperbole, however. Democrats are still accusing Sen. Minority Leader Mitch McConnell of “playing politics” with the nation’s economy, while McConnell is saying the agreement now gives Democrats the time they said they lacked to deal with the debt limit through budget reconciliation, a process that will not require a single Republican vote. Republicans are insisting Democrats go it alone on raising the debt limit.
A government default would have sparked a national and international economic crisis that truly would have served no one well.
We can only hope that the process in December will not be as messy and as threatening to the U.S. economy as this month’s conflict. But politicians in Washington seem eager to grab any opportunity to make the opposing party look bad. December’s debt limit debate will no doubt be more of the same