BREAKING: The Senate passed legislation to raise the debt ceiling by $2.5 trillion, just one day before the deadline Treasury Secretary Janet Yellen set for Congress to prevent what would be the nation's first ever default.
by $2.5 trillion, just one day before the deadline Treasury Secretary Janet Yellen set for Congress to prevent what would be the nation's first ever default.
The legislation would prevent another clash over the debt ceiling until after next year’s midterm elections.that would allow senators to increase the debt limit with a simple majority vote instead of the typical 60 votes needed to overcome a filibuster.between Senate Majority Leader Chuck Schumer, D-N.Y., and Senate Minority Leader Mitch McConnell, R-Ky., over the past month.
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Senate poised to raise debt limit by $2.5T, avoiding defaultThe Senate was poised Tuesday to lift the nation's debt limit by $2.5 trillion under a deal struck between party leaders, defusing a volatile issue until after next year's midterm elections while saddling majority Democrats with a tough vote. The bill is expected to clear the Senate on a party-line vote that garners no Republican support, with swift passage by the House likely to follow before it then heads to President Joe Biden’s desk. For months, Republicans have used debt limit increases to sabre-rattle about Democrats' big-spending social and environmental agenda while pledging to staunchly oppose any efforts to increase in the debt limit. In striking a deal, Senate Minority Leader Mitch McConnell backtracked on his past words.
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