Investing.com - In a recent development, House Democrats have initiated an unlikely approach to bypass House Speaker Kevin McCarthy in their attempt to raise the debt ceiling. The strategy involves using a discharge petition, which could enable moderate Republicans to join forces with the Democrats and push for a full House vote on the matter.
The discharge petition was formally filed by Rep. Brendan Boyle (D-PA), followed by signatures from other Democratic leaders who urged members of their party to sign as soon as possible. This tactic is acknowledged as having slim chances of success but demonstrates the increasing dissatisfaction among liberal Democrats regarding ongoing debt talks.
The move comes after President Biden expressed openness towards negotiations surrounding budget outlines without committing to significant changes beyond existing laws. Meanwhile, progressive activists are advocating for discussions about raising revenue alongside spending cut-focused talks.
However, this legislative manoeuvre faces several obstacles before it can succeed. Firstly, it requires support from at least five Republican representatives in addition to all 213 Democratic members onboard. Secondly, even if successful in gaining enough backing, there would be additional waiting periods that might still see this bill pending past Treasury Secretary Janet Yellen's default deadline of June 1st.
As frustration grows within the Democratic ranks over potential compromises with Republicans during these negotiations, some progressives are considering more drastic measures such as invoking the 14th Amendment or minting a trillion-dollar coin – both options carrying considerable risks and consequences.