Playbook: “McConnell backed down after Democratic threats of nuking the filibuster for the debt ceiling started to become more real. At their Tuesday lunch, Democratic senators discussed how McConnell’s blockade on the debt ceiling was boosting the case of filibuster reformers. Later that day, Biden, generally a skeptic of filibuster reform, said such a change for the debt ceiling was now a ‘real possibility.’”

Also interesting: “The minority leader seemed skittish enough about where filibuster reform fever was headed in the Democratic caucus that he vetted his compromise plan with Manchin and Sinema.”

Punchbowl News: “Shortly after midnight on Thursday morning, Schumer said he and McConnell were still negotiating on the agreement and would continue their talks today.”

“There are a couple of hang-ups. Sources familiar with the negotiations suggested Republicans aren’t sure they can come up with 10 GOP votes needed to overcome their own filibuster on a “real number” — a dollar amount — to extend the debt limit until December. They haven’t cobbled together the votes up to this point, anyway. Most lawmakers would rather vote to suspend the debt limit until a date certain. Democrats are also pushing Republicans in negotiations to extend the new debt limit deadline past December, which Republicans oppose.”

“When the Senate will vote on whatever deal the two leaders reach remains fluid too. The vote could slide until Friday or even the weekend, depending on how long these talks go on, the sources cautioned. So stay tuned.”

After a long caucus meeting, multiple Democrats tell Politico they will accept the short-term increase laid out by Senate Minority Leader Mitch McConnell but that they will not use the budget reconciliation process for a longer-term solution for the debt ceiling.

This deal buys time for everyone but is a victory for no one.

“Senate Minority Leader Mitch McConnell told a closed-door meeting of Senate Republicans this afternoon that he plans to offer a short-term debt limit increase in order to help avert a default crisis. McConnell later confirmed that this proposal would extended the Treasury Department’s borrowing authority through November,” Punchbowl News reports.

“This is an attempt at de-escalation by McConnell — and we’ll have to see if Schumer takes it. McConnell wants to give Democrats two possible roadmaps that allow them to hike the limit through reconciliation. However, this is also a recognition that Democrats have a legitimate concern about the time that may take. Republicans spent the week saying there was enough time for Democrats to alter their reconciliation process before the Oct. 18 borrowing deadline.”

Sen. Mazie Hirono (D-HI) described the offer as “bullshit.”

Politico: “For the first time, Mitch McConnell publicly suggested his GOP conference would be willing to agree to limit the time spent on lifting the debt ceiling through reconciliation. Such an approach would only be possible if Democrats drop their ardent opposition to doing it that way.”

Said McConnell: “There would be potential for time agreements to wrap it up well before any potential danger.”

The Hill: McConnell to propose deal with Schumer to solve debt impasse.

Sen. Joe Manchin (D-WV) said that “he remains opposed to changing the Senate’s legislative filibuster, dealing a blow to progressive hopes to use a rules change as an escape hatch from a fight over the nation’s borrowing limit,” The Hill reports.

Said Manchin: “I’ve been very very clear where I stand on the filibuster. Nothing changes.”

Sen. Joe Manchin (D-WV) reiterated to reporters that he wants a budget reconciliation bill of no more than $1.5 trillion.

Said Manchin: “My number has been 1.5, I’ve been very clear.”

Sen. Chris Coons (D-DE) told CNN “there very well may be“ 50 votes in the Senate to change filibuster rules to let the debt ceiling bill be advanced by a simple majority, saying there’s “a lot of passion in the caucus” about the standoff with the GOP and getting debt ceiling raised.

He added: “My hope is that after today’s vote Republicans will rethink their approach, or you may see, I think, some damage to this institution.”

Jonathan Bernstein: “For one thing, the filibuster doesn’t just protect minorities from legislation they don’t like; it also protects senators in the majority party from votes they don’t want to take. If Democrats vote to establish a filibuster exception for the debt limit, pressure will increase to do the same for every party priority — including those that lack the votes to pass.”

“If Republicans win House and Senate majorities next year, they may also be able to force Biden to veto lots of things he’d rather not veto in the run-up to the 2024 election. Of course, a future Republican majority could blow up the filibuster regardless of what Democrats do now, but McConnell probably thinks it’ll be easier if Democrats act first.”

The Washington Post notes McConnell has voted to raise the debt ceiling 32 times in his career.

Punchbowl News: “Getting rid of the filibuster just for the debt limit really means the legislative filibuster is gone forever. Democrats can pretend otherwise, but look what happened when the nuclear option was used to ‘limit’ the filibuster on executive-branch nominations in 2013. Now all executive branch nominees are subject to simple majority votes.”

“Once the door is opened, it’ll be hard to close it again. If you allow an exception for the debt limit, why not voting rights? Or guns? Or health care? Or climate change?”

Playbook: “Just as eliminating the filibuster for court nominees eventually led to doing so for Supreme Court nominees, an exception for the debt ceiling would inevitably trigger other demands. One could imagine voting rights advocates crying foul, for instance, insisting that their issue is worthy of similar treatment.”

“President Biden said it is a ‘real possibility’ that Senate Democrats could seek to revise the chamber’s filibuster rules to overcome a Republican blockade on raising the debt ceiling,” the Washington Post reports.

“Such a major change could give Democrats the ability to stave off a potential, calamitous default roughly two weeks before a critical fiscal deadline — but only if all party lawmakers agree to loosen the Senate’s typical 60-vote threshold in a way some, including Biden, have been disinclined to do for months.”

“During their caucus lunch Tuesday, Senate Democrats discussed potentially excluding the debt ceiling from Senate filibuster rules,” Politico reports.

“The potential carveout for the debt limit is a long shot, given Sen. Joe Manchin’s (D-WV) opposition to weakening minority-party rights. But the idea appears more popular within the caucus than going through the strenuous motions of reconciliation after Wednesday’s vote to suspend the debt ceiling likely ends in a filibuster.”

Senate Majority Leader Charles Schumer (D-NY) signaled he may cancel the chamber’s October recess to allow more time to resolve the stalemate over raising the nation’s borrowing authority, The Hill reports.

Said Schumer: “We’re going to stay here until we get this done.”