In a move that will temporarily raise the debt limit through early December, the Senate voted on legislation to make it possible for the U.S. to avert an economic disaster for the first time in its history – defaulting on its loans.
Democrats in the Senate voted 50 to 48 to support legislation to avert the U.S. defaulting on its obligations to pay its federal debt. The bill will go to the House next week for a vote – where in all likelihood it will pass – and then Joe Biden will likely approve it before signing it with his John Hancock.
“The Republicans played a dangerous and risky partisan game, and I’m glad that their brinkmanship did not work,” said Senate Majority Leader Chuck Schumer. “What is needed now is a long-term solution so we don’t go through this risky drama every few months.”
White House press secretary, Jen Psaki said Thursday, “President Biden looks forward to signing this bill as soon as it reaches his desk. As we approach the coming months, we hope that even more Republicans will join Democrats in responsibly addressing the debt limit instead of choosing default or obstruction.”
The Democrats have been attempting to pass legislation that would prevent the U.S. from defaulting on its debt through 2022, which Republicans have consistently resisted.
“I can’t vote to raise this debt ceiling,” said Senator Mike Lee. “Not right now, especially given the plans at play to increase spending immediately by another 3.5 trillion,” he said before the vote.
Senator Lisa Murkowski was one of the few Republicans who wasn’t willing to “let this train go off a cliff,” as she put it.
“I thank my Democratic colleagues for showing unity in solving this Republican manufactured crises,” Chuck Schumer said. “Despite immense opposition from Leader McConnell and members of his conference, our caucus held together and we have pulled our country back from the cliff’s edge that Republicans tried to push us over.”
Sources: NY Times, Reuters, AP News.