January 28, 2023
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The agreement to avoid US debt and raise the debt ceiling is moving forward in the Senate

United States Capitol in Washington

By Richard Cowan and David Morgan

WASHINGTON (Reuters) – The U.S. Senate on Thursday took a step toward raising the federal debt ceiling to $ 28.9 trillion. Pressure to take action within the next week.

In addition to the 48 Senate Democrats, 14 Republican senators and two independents voted to introduce the first of two bills needed to increase the Treasury Department’s lending powers under an agreement reached by Senate Majority Leader Chuck Schumer and Republican leader Mitch McConnell.

The Senate voted 64 to 36, which implements the approval of the proposal establishing an expedited procedure for implementation.

From Friday, the House will be able to vote on a bill that would set out quicker rules to raise the credit limit. If passed, both houses of Congress will have to vote on the second bill next week, which will actually raise the debt ceiling.

Both bills are expected to be passed once President Joe Biden passes them.

The House of Representatives on Tuesday approved the Senate’s first proposal to overturn the ban.

“After today’s referendum, I am confident that we will be on the right track to avoid a catastrophic default,” Schumer said in a speech to the Senate.

The Schumer-McConnell debt ceiling deal comes two months after Congress agreed to a short-term debt ceiling increase to avoid unprecedented federal commitments that could have catastrophic impacts on the world economy.

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