Debt Ceiling Increase to Get Senate Vote Tuesday, Schumer Says
(Bloomberg) -- The Senate will vote Tuesday on legislation lifting the government’s debt ceiling to stave off the risk of a default, Majority Leader Chuck Schumer said, without saying how much the increase would be.
Senate passage, which requires only a simple majority, would send the debt limit measure to the House, where Democratic leaders have promised quick action.
“The Senate will act tomorrow to prevent default,” Schumer said Monday on the Senate floor.
Democrats have said they want to raise the debt limit enough to extend U.S. borrowing authority until after the 2022 midterm elections.
The House and Senate approved legislation establishing a one-time process to fast-track the measure through the Senate by shielding it from the threat of a GOP filibuster in the 50-50 Senate.
Treasury Secretary Janet Yellen has warned that the government could hit the debt limit and have difficulty meeting its obligations after Dec. 15, though outside analysts have said the government has a bit more time.
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