Democrats poised to accept GOP's short-term debt limit extension

Senate Democrats say they’ll agree to a proposal by Republicans to solve a debt limit impasse by extending the nation’s borrowing limit for only three months.

“We are willing to take this offer in order to stave off fiscal ruin,” Sen. Chris Murphy, a Connecticut Democrat, told reporters after the caucus huddled privately Wednesday.

Democrats aren’t happy with the plan.

They intended to pass legislation that would extend the debt ceiling until December 2022, but Republicans said they would not provide the necessary 10 votes to stave off a filibuster, citing a plan by Democrats to unilaterally pass a multitrillion-dollar social welfare spending package.

Facing an Oct. 18 deadline, McConnell issued a statement Wednesday proposing the three-month extension.