Senate votes to lift debt ceiling by $480 billion

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Senate Democrats 50-48. passed an increase of $480 billion by a simple majority of the

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Senators voted on Thursday night to approve a short-term increase in the federal debt limit, ending a week-long standoff on Capitol Hill and possibly averting a default that could have triggered a recession.

Senate Democrats passed the $480 billion increase by a simple 50-48 majority. The vote on last resort took place after 11 GOP lawmakers voted to vote Democrats, clearing the 60-vote filibuster threshold.

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Senate Minority Leader Mitch McConnell, Minority Whip John Thune, John Cornyn, Lisa Murkowski, Shelley Moore Capito, Richard Shelby, Rob Portman, Susan Collins, John Barrasso, Mike Rounds, and Roy Blunt, the 11 Republicans who voted to vote, They were. .

The bill will now go ahead in the House, where lawmakers can consider it by early next week. The $480 billion increase is enough to fund the government until at least the beginning of December.

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Treasury Secretary Janet Yellen and other business leaders warned of potential economic devastation if Congress did not raise the debt limit by October 18, when the US federal government would run out of cash to meet its obligations.

Republicans blocked several attempts to raise the debt limit in recent days, with GOP leaders arguing that Democrats should use the budget reconciliation process to suspend the borrowing limit without their help. But as the default deadline drew nearer, McConnell offered to drop the GOP protest if Democrats raised the debt limit by a certain dollar amount, giving Schumer and his colleagues more time to find a long-term solution.

Democrats claimed victory after McConnell’s proposal became public, with some claiming he had “caveted” to political pressure. Some GOP lawmakers accused McConnell of taking advantage of him and accepting Democratic demands.

This is a breaking story. Check back for updates.


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