McConnell offers Dems short-term debt fix amid standoff

WASHINGTON (AP) – Senate Republican leader Mitch McConnell has given Democrats a new offer to extend the federal debt ceiling through an emergency short-term extension. The Senate has gone into recess so lawmakers can discuss the proposal, delaying a procedural vote on a House-passed bill to suspend the debt cap.

Meanwhile, President Joe Biden is enlisting top business leaders to help push for immediately suspending the debt limit. He says that the approaching Oct. 18 deadline creates the risk of a historic default that would be like a “meteor” that could crush the economy and financial markets.