Congress foresees short-term fix for debt limit amid perilous standoff

J. Scott Applewhite/The Associated Press

The emerging agreement sets the stage for a sequel of sorts in December, when Congress will again face pressing deadlines to fund the government and raise the debt limit before heading home for the holidays.A procedural vote – on the longer extension the Republicans were going to block – was abruptly delayed late Wednesday and the Senate recessed so lawmakers could discuss next steps. Democrats emerged from their meeting more optimistic that a crisis would be averted.

Congress has just days to act before the Oct. 18 deadline when the Treasury Department has warned it would quickly run short of funds to handle the nation’s already accrued debt load. Earlier Wednesday, 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.

The financial markets have yet to fully register the drama in Washington, though there are signs that they are getting jittery, said Adena Friedman, CEO of the Nasdaq stock exchange.Ahead of the White House meeting, the administration warned that if the borrowing limit isn’t extended, it could set off an international financial crisis the United States might not be able to manage.

Typical North American liberal progressive thinking that debt should have no limit and freedom means free money. When has being spoiled created any sort of advancement? Often the opposite and may be the cause of western decline.

So in terms Canadians understand, the 'NDP & Liberal' Wings of the Democratic Party are split, the 'PPC/Harperites' have control of the Republican Party & Geoge Washington had slaves & Sir John A. MacDonald recognizing flaws in their system chose a stronger centralized government

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