Congress foresees short-term debt fix amid perilous standoff

By KEVIN FREKING and JOSH BOAK
Associated Press

WASHINGTON (AP) — Republican and Democratic senators have edged back from a perilous standoff over lifting the nation’s borrowing cap. Democrats are signaling they are receptive to an offer from Republican leader Mitch McConnell that would allow for an emergency debt limit extension into December. McConnell made the offer late Wednesday. That was shortly before Republicans were prepared to block legislation to suspend the limit much further — into December of next year — and as President Joe Biden ramped up his concerns over what an unprecedented federal default would mean for the nation’s economy. Biden enlisted business leaders to emphasize the damage a federal default would do to the economy.