LIVE: Senate to Vote on Raising the Debt Limit by $2.5 Trillion
(Dec. 14) Senate Democrats introduced legislation to raise the nation’s debt ceiling by $2.5 trillion, an amount intended to be enough to extend U.S. borrowing authority until early 2023.
The Senate is expected to clear the legislation on Tuesday, and House Majority Leader Steny Hoyer said he plans to schedule a vote in his chamber later in the day. House passage would send the measure to President Joe Biden for his signature.
“Responsible governing has won on this exceedingly important issue,” Senate Majority Leader Chuck Schumer said on the Senate floor. “The American people can breathe easy and rest assured there will not be a default.”
Congress last week approved legislation establishing a one-time process to fast-track the measure by shielding it from the threat of a GOP filibuster in the 50-50 Senate. Instead, the legislation can pass in the Senate with a simple majority.
Treasury Secretary Janet Yellen has warned that the government could hit the debt limit and have difficulty meeting its obligations after Dec. 15, though outside analysts have said the government has a bit more time.
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