Citing Brendan Boyle, the top-ranking Democrat on the House Budget Committee, the Wall Street Journal (WSJ) reports that House Democrats will begin collecting signatures Wednesday for a discharge petition to raise the debt ceiling, in a desperate attempt to circumvent House Republican leadership and force a vote.

Key takeaways

“We only have two weeks to go until we may hit the x-date.”

“We must raise the debt ceiling now and avoid economic catastrophe.”

“I’ve always said a discharge petition is not a high-probability move. But at this point, we must try whatever it takes.”

“I urge my Republican colleagues, especially those who like to call themselves moderate at election time, to join us and ensure America pays its bills.”

“It takes the signatures of 218 House members—a majority, regardless of party—to move a bill to the floor by discharge petition. Republicans control the House, 222-213, so for their petition to succeed, Democrats would need at least five GOP representatives to sign on,” according to the WSJ.

Market reaction

Risk sentiment is taking a hint on the above headlines, strengthening the rebound in the US Dollar across the board. At the time of writing, the US Dollar Index is adding 0.41% on the day to trade at 102.98.