Senate approves increase in short-term debt ceiling
The Senate on Thursday approved a deal to raise the debt ceiling and maintain the country’s creditworthiness until December, to avoid a default that is expected to occur within days.
Senators voted 50-48 depending on the party on the short-term increase in the country’s borrowing limit. GOP Meaning. Richard burrRichard Mauze BurrSenate Endorses Increase in Short-Term Debt Ceiling End Citizens United, Let America Vote Endorses Mandela Barnes, Cheri Beasley Before 2022 Veteran, Author Launches Campaign for US Senate in North Carolina MORE (NC) and Marsha blackburnMarsha BlackburnSenate Endorses Hillicon Valley Short-Term Debt Ceiling Increase – Brought to you by American Edge Project – Facebook experiences widespread outage Four Big Lessons from a Difficult Audience for Facebook MORE (Tenn.) Did not vote. House Majority Leader Steny HoyerSteny Hamilton HoyerHouse to vote on raising debt ceiling on Tuesday Senate approves increase in short-term debt ceiling (D-Md.) Announced that House lawmakers will return on Tuesday to vote on the bill, before sending it to President BidenJoe BidenArkansas lawmakers introduce bill to ban companies from requiring vaccine status from workers Senate approves increase in short-term debt ceilingthe office of.
Although the final vote, which required a simple majority, went party-oriented, 11 Republican senators voted with Democrats to pass the bill over a procedural hurdle requiring 60 votes.
Senate action comes a day after Senate GOP leader Mitch mcconnellAddison (Mitch) Mitchell McConnell Trump urges GOP senators to vote against McConnell debt deal Senate approves increase in short-term debt ceiling (Ky.) Said Republicans would let Democrats adopt short-term debt hikes and just hours after Majority Leader Charles SchumerChuck Schumer Trump urges GOP senators to vote against McConnell debt deal Senate approves increase in short-term debt ceiling (DN.Y.) announced that they had struck a deal.
It marked the swift end of a months-long standoff between Schumer and McConnell that had brought the country one step closer to a historic default. Congress has until Oct. 18 to raise the country’s borrowing limit, or risk collapsing over the fiscal cliff with significant consequences for the global economy.
Under the agreement passed by the Senate, the debt ceiling will increase by $ 480 billion. The Treasury Department, according to Senate advisers, believes the next deadline will be Dec.3, the same day government funding expires.
This effectively postpones the fight against debt until later in the year. But senators from both parties were increasingly concerned that the impasse did not have a clear framework.
Senator Joe manchinJoe ManchinSchumer frustrates GOP, Manchin with fiery debt ceiling speech Senate approves increase in short-term debt ceiling Overnight Energy & Environment – Biden to restore national monuments canceled by Trump MORE (DW.Va.) urged McConnell and Schumer, who by then had not started talking, to start negotiating with each other to find an offramp.
âI really implore the two leadersâ¦ to engage, to start working, to solve this problem,â said Manchin.
“We have a responsibility to be adults (…) we should not have these artificial crises,” he added. âPlease lead, lead, work together.
Senator Lisa MurkowskiLisa Ann Murkowski Senate Approves Increase in Short-Term Debt Ceiling Here are the 11 GOP Senators Who Helped Advance Debt Extension (R-Alaska) also reported that she was worried about how close the country was to its “x” date on its debt, or when the country would not be able to meet its financial obligations. Although the United States hit the debt ceiling on August 1, the Treasury Department has since used so-called extraordinary measures to maintain the government’s solvency.
âI just want to make sureâ¦ that we’re doing everything we can not to send ourselves into a default situation, and I don’t even want to come close,â she said.
But the preparation for the vote was filled with drama.
Senators McConnell and GOP pushed Democrats themselves to pass a long-term debt increase through reconciliation, a budget process that allows them to bypass the legislative obstruction of 60 votes. They twice prevented Democrats from passing a debt suspension until 2022, once when it was incorporated into a short-term government funding bill and preventing Schumer from circumventing the filibuster. a second time.
This led several GOP senators to fret over the decision to offer a short-term extension, arguing that McConnell had caved in. Because the Tories insisted on a 60-vote closing vote, the GOP leadership spent hours trying to scramble voices. In the end, 11 GOP senators voted to move the debt deal forward.
âSo Senator McConnell has been saying for two months now that if you want to spend the money through reconciliation, you have to increase the debt limit through reconciliation. And there was a change of mind there at the last minute, âSen said. Lindsey grahamLindsey Olin GrahamSenate Approves Increase in Short-Term Debt Limit Key Debt Limit Vote Sparks Major Fight Among Senate Republicans. (RS.C.).
Senator Ted cruzRafael (Ted) Edward Cruz Senate approves increase in short-term debt ceiling Key debt ceiling vote sparks major fight among Senate Republicans (R-Texas), one of the GOP senators who insisted on the 60-vote procedural hurdle, added that âChuck schumerChuck Schumer Trump urges GOP senators to vote against McConnell debt deal Senate approves increase in short-term debt ceiling won this chicken game.
âAs two trucks headed towards each other on a country road, either one was going to turn or you were going to have a lot of dead chickens. I wish the Republicans weren’t blinking, âhe said.
Schumer also sparked a backlash from Republicans and Manchins after giving a fiery speech right after the vote to end debate and before the final vote on extending the debt ceiling.
Schumer, speaking from the Senate, accused Republicans of playing a “dangerous and risky partisan game,” for insisting for weeks that Democrats use the budget process to raise the debt ceiling.
The speech got him listened to by Senator Joe Manchin (DW.Va.) and Senate Republicans.
Senator John ThuneJohn Randolph ThuneSchumer frustrates GOP, Manchin with fiery speech on Trump debt ceiling urges GOP senators to vote against McConnell debt deal Senate approves short-term debt ceiling increase MORE (RS.D.) spoke to Schumer after the speech and said: “I let him have it.”
âI thought it was totally out of place. I just thought it was an incredibly partisan speech after we helped him solve a problem,â he said.
Manchin also spoke with Schumer after the speech, saying he “didn’t think it was appropriate”.
âI’m sure Chuck’s frustration was on the rise, but that wasn’t a way to get rid of it,â Manchin said.
In many ways, the vote sets up a repeat of the current struggle for early December.
Republicans promise that once the December deadline is reached, Democrats will still have to resort to reconciliation unless their social spending bill collapses.
âI think in this case what we did was we took the main point of the Democrats. A table of arguments for which they didn’t have enough time, so you know it saves them time, âsaid Senator John Thune (SD), the second Republican in the Senate.
But Schumer and many Democratic senators in his caucus have sworn for months that they will not use reconciliation.
âUsing reconciliation is a horrible precedent to set because it will only happen in reconciliation in the future, which will make it even more difficult to raise the debt ceiling, so I’m not going to use reconciliation because of the precedent that it creates. Said the senator Chris MurphyChristopher (Chris) Scott Murphy Senate approves increase in short-term debt ceiling Democrats play down deadlines for Biden’s sweeping spending plan Democrats delay debt ceiling vote to rally on McConnell offer MORE (D-Conn.).
Updated at 22:26