Senate Proceeds on Schumer-McConnell Debt Pact
The loophole would allow a debt ceiling increase with a simple Senate majority
Today, the Senate broke a filibuster on a one-time loophole to allow Democrats to raise the debt limit on their own, a major step toward warding off mid-December economic fallout.
The chamber cleared the 60-vote hurdle in a 64-36 vote. Fourteen Republican senators voted in support, setting in motion the deal Majority Leader Chuck Schumer (D-NY) struck with Senate Minority Leader Mitch McConnell (R-KY) to prevent the United States from defaulting on its more than $29 trillion in debt as soon as next week.
Final passage on the debt ceiling workaround is expected to follow by week's end. And both the House and Senate plan to pass another bill in the next few days to actually raise the debt limit.
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