Top lawmakers voice opposition to short-term debt limit deal

Ryan King

May 07, 03:14 PM May 07, 03:14 PM

Top lawmakers are giving the prospect of a short-term debt limit deal a cold reception, while largely refraining from ruling it out entirely.

Under a short-term plan, Congress would effectively push back the debt ceiling in order to buy time from the June deadline to figure out a longer-term agreement. Many lawmakers appear skeptical that more time could solve the impasse, but are simultaneously adamant that the United States can't default on its obligations.

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"I don't think the responsible thing to do is to kick the can down the road," House Minority Leader Hakeem Jeffries (D-NY) told NBC's Meet the Press. "We have to avoid default period. Full stop."

Although unhappy with a short-term arrangement, Jeffries declined to rule out backing one when asked. Some Biden administration officials are deliberating over such a proposal as an avenue out of the debt ceiling standoff, the Wall Street Journal reported.

Some analysts have suggested that punting on the debt limit, for now, would avert default, which Treasury Secretary Janet Yellen forecasted could come as soon as June 1. From there, Congress could pair the debt limit with the upcoming battle over government funding for the next fiscal year.

Both Jeffries and the White House conveyed that Democrats are open to talking about spending priorities with the GOP. They remain adamant, however, that Republicans must give them a stand-alone bill to lift the nation's borrowing authority.

"We want to do the right thing for the American people. And that means paying our bills and simultaneously having this discussion about the future and what spending can look like anchored in President Biden's budget proposal," Jeffries added.

A short-term debt limit measure could breach House Speaker Kevin McCarthy's (R-CA) vow to "never" move a bill that just lifts the debt limit. A handful of Republicans have already criticized a short-term deal.

“I would prefer that we get this done the first time. That always gets dicey. And, frankly, I don’t even know if there’d be the votes for that,” Senate Minority Whip John Thune (R-SC) said, per NBC. “I think there’s going to have to be a really earnest effort made to try and negotiate something that can get passed by the deadline.”

"We all work around deadlines here. If we do a short-term extension, it means we won’t get into negotiations in earnest until three or four weeks before whatever the new extension is. That’s how this place works," Sen. Thom Tillis (R-NC) argued, according to the outlet.

Sen. Rick Scott (R-FL) initially signaled openness, but later clarified that he is not supportive of such a measure, according to Semafor.

Another Republican, Rep. Patrick McHenry (NC), argued that everything should be left on the table as the country stares down a potential economic crisis.

“I think everything’s on the table at this point. The key thing that has to be in this equation is addressing our fiscal house, short term, and long term,” he told CBS's Face the Nation.

The clock is ticking for lawmakers to break the deadlock. Biden is set to meet with the four congressional leaders Tuesday to discuss the standoff.

If the U.S. runs out of cash to fund its operations and defaults, unemployment could skyrocket, and inflation could accelerate dramatically, according to some estimates.