Senate Democrats indicate they'll accept GOP debt ceiling offer: 'McConnell caved'
Economist calls debt ceiling battle ‘political theater’ as deadline looms
Former White House Chief Economist Joseph Lavorgna and BNY Mellon Wealth Management Head of Equities Alicia Levine discuss the debt ceiling battle, jobs added in September and the impact of minimum wage.
Senate Democrats indicated Wednesday that they planned to accept Senate Minority Leader Mitch McConnell’s offer for a short-term suspension of the debt ceiling, with some claiming the Kentucky Republican had "caved" following a tense standoff on Capitol Hill.
Democrats spoke out after a closed-door meeting in which they discussed McConnell’s offer to raise the debt ceiling by a "fixed dollar amount" through December. Republicans had blocked efforts to suspend the borrowing limit for weeks, arguing Democrats should address the crisis through the budget reconciliation process.
"McConnell caved," Sen. Elizabeth Warren, D-Mass. told reporters after the meeting. "And now we're going to spend our time doing child care, health care, and fighting climate change."
YELLEN: CONGRESS SHOULD ABOLISH DEBT CEILING
"Mitch folded and we have until December to do Build Back Better. And we will," Sen. Sheldon Whitehouse, D-R.I., wrote on Twitter.
Sen. Tammy Baldwin, D-Wis., told CNN that Democrats view McConnell’s offer as a "temporary victory" in the dispute.