Democrats expected to take short-term debt ceiling increase, reject GOP reconciliation offer

Republicans were poised to sink a Democratic effort on Wednesday to suspend the federal borrowing limit, barrelling the U.S. toward a potential economic recession.

Senate Democrats emerged from a closed door special caucus meeting on the debt ceiling on Wednesday and said they intend to take GOP Minority Leader Mitch McConnell up on his short-term debt ceiling increase.

Multiple senators and aides told ABC News Democrats are rejecting McConnell’s other offer that would have Republicans expediting Democrats passing a longer-term debt ceiling increase using the budget reconciliation process that they’re using to pass the multi-trillion dollar social spending bill.

“McConnell caved! McConnell caved,” Sen. Elizabeth Warren, D-Mass., told reporters with a fist raised.

“We intend to take this temporary victory and then try to work with the Republicans to do this on a longer-term basis,” Sen. Tammy Baldwin, D-Wis., told CNN.