If neither side budges, US risks default on debt and lowered credit rating, which would cost billions
Top Democrats are expected to dare Republicans to block a stopgap funding measure, which would trigger the double-barreled fiscal crisis of the US defaulting on its mammoth debt and a shutdown of the federal government, according to two sources familiar with the proposal.
The plan being considered by the House speaker, Nancy Pelosi, and the Senate majority leader, Chuck Schumer, involves suspending the debt ceiling past the 2022 midterm elections in a stopgap bill that would keep the government funded through early December, the sources said.