“You’ve got party leaders in both houses that don’t want us to talk to one another,” one centrist Democrat said.
Specific details of the plan remain sparse, as it is still in its infancy, but the group of Democrats has met with centrist Republicans since February, per the report. They fear that the possible ramifications of blowing past the deadline to resolve the debt ceiling impasse could be dire.
Democratic leadership has sought a clean bill to raise the debt ceiling without making any concessions to Republicans and believes they have the advantage. Earlier this year, the White House was adamant there would be no negotiations with Republicans on the nation's borrowing authority, though President Joe Biden later met with House Speaker Kevin McCarthy (R-CA).
In January, the United States hit its $31.4 trillion debt limit, meaning it can no longer borrow additional money. However, Congress approved a budgeting package last year that relies on massive deficit spending. At the moment, the Treasury has been undertaking “extraordinary” measures to keep national payments going by moving money around for various accounts.