2 years ago
491
The fig would let the authorities to proceed borrowing to concern its obligations without further enactment by Congress until aft the 2022 midterm elections.
Dec. 14, 2021, 10:59 a.m. ET
WASHINGTON — Senate Democrats connected Tuesday announced they would bring up authorities to rise the debt ceiling by $2.5 trillion, moving to stave disconnected the menace of a first-ever national default until astatine slightest aboriginal 2023.
All Republicans were acceptable to reason to the measure, which was expected to walk the 50-50 Senate on enactment lines aboriginal connected Tuesday, sending it to the House for last transition and past to President Biden for his signature.
The swift enactment was planned a week aft enactment leaders announced a deal establishing a one-time, fast-track process to summation the indebtedness ceiling connected a elemental bulk vote, alternatively of the 60 votes needed to determination astir authorities done the Senate.
The ballot was scheduled with small clip to spare earlier a imaginable default. The Treasury Department had warned that it would beryllium incapable get to concern the nation’s bills soon aft Wednesday.
Senator Chuck Schumer of New York, the bulk person said connected Tuesday that the $2.5 trillion fig would beryllium capable to punt the menace of different national default past the midterm elections adjacent year.
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