ICYMI: The U.S. Senate took a step toward passing a $480 billion increase in Treasury Department borrowing authority, a move that would avert a catastrophic debt default later this month but set up another partisan showdown in early December
The Senate voted 50-48 to pass the bill following weeks of partisan fighting. Earlier, 11 Republicans voted in favor of a procedural vote allowing the bill to proceed.
"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 vote followed a months-long standoff that brought the nation close to the Oct. 18 date that the Treasury Department forecast as when it would no longer be able to meet its obligations.
Not all Republicans were happy with McConnell's move, and it took long negotiations behind closed doors to secure enough Republican votes to advance the measure.The U.S. Capitol is seen as Senate Democrats and Republicans sought to reach an agreement on to avert a debt crisis in Washington, U.S., October 7, 2021. REUTERS/Joshua RobertsEarlier in the day, news of the negotiations drove Wall Street's main stock indexes to end sharply higher in a broad-based rally.
Democrats have adamantly rejected using the reconciliation process, although they have used it to pass some of Biden's other priorities, saying that in this case it is too unwieldy and would establish a bad precedent. While the deal relieves debt ceiling pressures for now, it adds to the high-stakes, partisan battles Congress will wage through the end of the year.
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