Speaker Kevin McCarthy says it would take a week and a half for a debt deal to pass Congress. But both chambers have certain escape hatches in case timing slips — if lawmakers cooperate.
On the Senate side, it can take up to a week to process a bill without agreement from all 100 senators. It will undoubtedly prove difficult to get unanimous support, in which case Schumer will have to whip up at least 60 votes to advance the legislation. And with the deadline so close, individual senators will have enormous leverage to demand amendment votes, further gumming up the works.
If McCarthy and the White House strike a compromise, but there isn’t enough time to turn it into law before the U.S. risks default, Congress could pass a simple bill to raise the debt ceiling for only a short period. That would allow the country to avoid economic calamity while Congress works out the details on longer-term legislation.
Congress used a short-term patch to avoid default just two years ago. In the winter of 2021, when Democrats controlled both the House and Senate, theyin the debt limit to buy roughly two more months to figure out a longer-term solution.
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