McConnell offers 'temporary extension' into December.

Republican and Democratic leaders edged back Wednesday from a perilous standoff over lifting the nation’s borrowing cap, with Democratic senators signaling they were receptive to an offer from Senate GOP leader Mitch McConnell that would allow an emergency extension into December.

McConnell made the offer shortly before Republicans were prepared to block legislation to suspend the debt limit until December of next year and as President Joe Biden and business leaders ramped up their concerns that an unprecedented federal default would disrupt government payments to millions of people and throw the nation into recession.

The emerging agreement sets the stage for a sequel of sorts in December, when Congress will again face pressing deadlines to fund the government and raise the debt limit before heading home for the holidays.

A procedural vote — on the longer extension the Republicans were going to block — was abruptly delayed late Wednesday and the Senate recessed so lawmakers could discuss next steps. Democrats emerged from their meeting more optimistic that a crisis would be averted.

“Basically, I’m glad that Mitch McConnell finally saw the light,” said Sen. Bernie Sanders, the independent senator from Vermont. The Republicans “have finally done the right thing and at least we now have another couple months in order to get a permanent solution.”

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