Here is the word. We’re in an awkward moment right now, Judy. Neither Senator leader Chuck Schumer nor Republican leader Mitch McConnell have said anything publicly about the deal, but behind the scenes, we’re all getting reporting, and I’ve got reporting from both sides saying That they are close to disagreement, in fact.
And here’s a description of what’s on the table, where we think they’re going now. So let’s take a look at this. This is the deal that was proposed by Senator McConnell. This will set a specific dollar amount to reach the loan limit, and the dollar amount will also roughly coincide with sometime in December.
So, essentially, it would give a grace period of about a month or two here, a little over a month, two months. And then the key to this is that the deal would require 60 votes in the Senate. It would be the kind of normal process where a filibuster would be allowed, which means, of course, 10 Republicans would be needed.
Speaking to Republicans in all corners of the party in the Senate, he believes it will be possible, essentially, with Senator McConnell giving him the ability to do so by saying it is only a temporary deal.
Of course, this also means that the entire debt ceiling fight will be put on hold till December. We’re going to go over that later.
But let’s talk a little bit more about tonight. Something else will need to happen, as we see the details being worked out between the two leaders in the Senate tonight, of course, the House will have to pass this as well. The House is out of session now. I don’t think they will be back this week. They have told the members that they will give them three days notice.
So probably the House will come back next week. All this, of course, is happening as the markets wait. We see that today the market is responding very well to this. And I should also mention that our debt right now is $28 trillion. So, there’s a big conversation about debt in the air as well.
But it was a crisis. And tonight hopefully the crisis will be over in the next day or two.