The U.S. Congress has about two weeks to raise the federal government's $28.4 trillion debt ceiling or cause a historic default that would take a heavy toll on the economy.
Here is the process the Senate would have to race through if Schumer were to blink, giving Senate Minority Leader Mitch McConnell his way and turning to reconciliation:
* The Senate Budget Committee likely would deadlock 11-11 if all 22 members are present, preventing Chairman Bernie Sanders from sending such a bill to the full Senate. * The Senate could then start debate for a maximum of 20 hours. But it would be open to a potentially large number of amendments in a procedure that is known as a "vote-a-rama." Amendments would have to be directly related to budgetary matters however. Vote-a-ramas are often all-night affairs.
* The House also would have to go through the process of debating and passing the bill, also by simple majority.