WASHINGTON (NEXSTAR) — With less than two weeks before the country defaults, Democrats and Republicans are finally making progress on a deal to raise the debt ceiling.
On Wednesday, Democrats said they are considering Republicans’ short-term proposal to raise the debt ceiling by $300 billion through December.
The potential deal comes as U.S. Treasury Secretary Janet Yellen continues to warn that if Congress doesn’t act it could cause an economic meltdown.
“The urgency of the debt ceiling situation demands immediate attention,” said Yellen. “Let me be clear, this would be a catastrophic outcome.”
The White House is not yet sold on the proposed short-term deal. Press Secretary Jen Psaki criticized Republicans for refusing not to do more, saying the American people need certainty.
“We don’t need to kick the can,” said Psaki. “Every day brings additional risks. The American people are looking at their retirement accounts, looking at their social security savings, members of the military worrying about their payments.”
Republican Sen. Lindsey Graham said he opposes helping Democrats raise the debt ceiling and isn’t sure he would even support the proposed short-term deal.
“I don’t know. I have to see how it’s structured, but I don’t see how that gets us much because we are right back in the same boat in December,” said Graham.
It’s unclear if or when we will see a deal and protentional vote on the short-term solution.