"It is totally irresponsible, underline irresponsible."Wyden added, "I want it understood as chairman of the Senate Finance Committee, I am not going to let anybody take our economy hostage."Options for the debt ceilingWhile Congress is facing an August deadline for the debt ceiling, the Treasury Department has several methods available to delay the effects of the debt ceiling limit until the fall, as the fiscal year ends on September 30.In the meantime, Democrats could include the debt ceiling increase in their budget reconciliation bill currently being debated, multiple sources tell CNN.
Senate Democrats could try to advance a vote to raise the debt ceiling along straight party lines before the August recess under the chamber's rules, according to two Senate sources with knowledge of the process.That's because they could split up the reconciliation package — one to deal with the debt ceiling and another to pass the larger $3.5 trillion proposal — something that would be allowed under the 1974 budget law.Congress would first have to pass a budget resolution before it could pass a reconciliation package along straight party lines.
Democrats plan to vote on the budget resolution this month.
Democratic leaders have not said if they would seek to split up the reconciliation bill — or do it all in one package.But the more likely scenario is that Democrats could tie the debt ceiling to a must-pass funding bill at the end of September, which would force Republicans to decide if they'd want to vote to default and shut down the government at the same time.