Senate Democrats postponed their Wednesday vote to raise the debt ceiling that Republicans planned to block, huddling to weigh an offer from the GOP to extend the nation’s borrowing limit until December.

Senate Minority Leader Mitch McConnell, a Kentucky Republican, issued a statement just ahead of the planned vote, offering Democrats a solution to avert a debt crisis that would occur in less than two weeks without an increase in the borrowing limit. Under the deal, Republicans would agree to a short-term debt limit increase that would last only until December, which McConnell said would provide Democrats plenty of time to use a budgetary tactic that would enable them to pass a debt limit increase without a single GOP vote.