(Reuters] – Congress still has two weeks left to either raise the federal government’s debt ceiling of $28.4 billion or declare a historical default. This would have a serious impact on the economy.

The two parties have reached an impasse over the best way to go about it. The Senate must use the parliamentary maneuver budget reconciliation. This would enable Democrats to pass legislation without Republican approval. Chuck Schumer, the Majority Leader has opposed that strategy. He prefers that the measure be passed in regular orders.

The Senate would need to go through this process if Schumer didn’t blink. Senate Minority leader Mitch McConnell will have his way.

* The budget committees in the Senate and House of Representatives would have to write legislation enabling the debt limit to be raised through this arcane, tightly-controlled procedure.

* 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.

* Schumer could then make a move on the Senate floor to “discharge” the stuck legislation from the budget panel. After four hours, the Senate could vote to give Sanders permission to move the bill to its floor.

* The Senate could then start debate for a maximum of 20 hours. It would still be open for amendments, which is what the “vote a-rama” procedure refers to. However, amendments must be related directly to budgetary issues. Vote-aramas can be all night affairs.

* Following votes on amendments the Senate could vote to approve the debt limit bill and could do so with a simple majority of 51 votes.

* The House also would have to go through the process of debating and passing the bill, also by simple majority.

* As all of this is unfolding, global financial markets could become unsettled as Oct. 18 nears and Washington flirts with a default. McConnell dismissed the claim that some Democrats claimed it would prove difficult to complete all of these steps at once.

* Democrats suspect McConnell wants all of this to unfold with no Republican fingerprints on the legislation, easing the way for Republican attack ads against Democrats in the 2022 congressional elections.