"Congress is only a couple of weeks away from hitting the Dec. 15 deadline to raise the federal debt limit and Senate Majority Leader Charles Schumer (D-N.Y.) and Minority Leader Mitch McConnell (R-Ky.) don’t appear to be anywhere close to a deal. Democrats insist that Schumer will not burn up a week of Senate floor time to use the budget reconciliation process to raise the debt limit with only Democratic votes. And Republicans say there’s no way that McConnell will be able to round up 10 Republican votes to quash an expected filibuster from conservatives such as Sen. Ted Cruz (R-Texas) and allow Democrats to pass debt-limit legislation with a simple majority under regular order.
"If the GOP caves and allows the debt limit to be significantly increased and then turns around and fails to stop the Build Back Better bill to advance, it’s going to be a massive embarrassment. McConnell may be able to strike a deal allowing the Democrats to get the debt limit increase through more quickly, but only if they agree to a new, fixed number for the debt limit. At this point, I would say that a government shutdown right before Christmas is almost as likely of an outcome."