Senate Democrats and President Barack Obama have discussed the possibility of pushing a short-term deal to raise the debt ceiling in hopes of avoiding fiscal calamity if a larger agreement can’t be struck by early August, according to a report late Thursday.
A Senate Democratic aide told Reuters that Democrats are considering a plan that would raise the debt ceiling to a level that would prevent the U.S. government from defaulting on its loans for seven months and, per Republicans’ demands, would include about $1 trillion in spending cuts.
Senate Majority Leader Harry Reid (D-Nev.) said Thursday that Democrats were “working on a number of different proposals” and had discussed four possibilities with the president this week.
Nonetheless, the White House denied that it was considering the plan.
“The president has consistently said it’s in the country’s best economic interests for Congress to reach common ground on a significant long-term deficit reduction package,” White House deputy communications director Jen Psaki told Reuters. “He has been clear in conversations with leaders in both parties about that.”
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