Senate Democrats To Vote on Raising Debt Ceiling Today — One Day Before Deadline
Senate Democrats are set to pass a vote to raise the debt ceiling on Tuesday, Dec. 14, just one day short of the Dec. 15 deadline. The move is expected to calm a turbulent economy and anxious investors in the U.S. marketplace.
“Last week Democrats and Republicans came together to pass legislation, setting up a fast-track process for addressing the debt limit,” Senate Majority Leader Chuck Schumer said in a floor speech on Dec. 13, according to Barron’s. “Today we’re going to complete that process.”
The legislation being considered by the Senate would raise the debt limit by $2.5 trillion, enough to get the Treasury comfortably past the mid-term elections and into 2023, per Barron’s. Should the Senate approve the measure, it heads to the House of Representatives for a final vote before it can be signed into law by President Joe Biden.
“The resolution we will vote on will provide for a raising of the debt limit to a level commensurate with funding necessary to get into 2023,” Schumer said of the vote, according to MarketWatch.
The debt ceiling’s deadline had been extended to Dec. 15 — from Dec. 3 — after Treasury Secretary Janet Yellen gave Congress nearly two additional weeks to come to an agreement last month.
In a letter to Speaker of the House Nancy Pelosi in November — a letter which provided an update on the Treasury’s ability to continue to finance the operations of the federal government under the constraints of the debt limit — Yellen revised her debt ceiling estimate, which initially targeted Dec. 3.
Her revised timeline stemmed from President Joe Biden‘s signing of the Infrastructure Investment and Jobs Act, “which appropriates $118 billion for the Highway Trust Fund.”
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