WASHINGTON, Oct 5 (Reuters) – The U.S. Congress is locked in a standoff that risks triggering a financial and economic meltdown if lawmakers don’t raise a limit on government borrowing before Oct. 18, the day the U.S. Treasury could run out of cash for paying government bills.
The drama’s central players are Senator Mitch McConnell, who leads the Republican minority in the Senate and has vowed to obstruct normal legislative efforts to raise the debt ceiling, and Senator Chuck Schumer, leader of the chamber’s Democratic majority and an ally of President Joe Biden.
Here are some ways the battle might play out in the Senate:
Schumer has twice tried to win approval of a debt ceiling increase under regular legislative procedures and is set to try again on Wednesday.
Prior attempts were blocked by…