The Senate was poised Tuesday to lift the nation's debt limit by $2.5 trillion under a deal struck between party leaders, defusing a volatile issue until after next year's midterm elections while saddling majority Democrats with a tough vote.
WASHINGTON — The Senate was poised Tuesday to lift the nation's debt limit by $2.5 trillion under a deal struck between party leaders, defusing a volatile issue until aftera deadline set by Treasury Secretary Janet Yellen
, after which the nation would be at risk of a crippling default. The bill is expected to clear the Senate on a party-line vote that garners no Republican support, with swift passage by the House likely to follow before it then heads to President Joe Biden’s desk.while pledging to staunchly oppose any efforts to increase in the debt limit..
Senate Majority Leader Chuck Schumer hailed the agreement, which will allow Democrats to pass the bill without the threat of a Republican-led“This is about paying debt accumulated by both parties, so I'm pleased Republicans and Democrats came together,” the New York Democrat said on the chamber's floor Tuesday.“If they jam through another taxing and spending spree this massive debt increase will just be the beginning,” the Kentucky Republican said.The nation’s current debt load of $28.
The national debt includes $7.8 trillion heaped onto the pile during Donald Trump’s four-year presidency, an analysis of Treasury records shows. Theis projected to add between $1 trillion and $2 trillion to the debt, according to the nonpartisan Tax Policy Center. Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commentingDemocrats will vote as soon as Tuesday to raise the debt ceiling by $2.5 trillion, which they expect will lift the nation's borrowing cap until 2023.Senate Democrats unveiled a resolution to raise the debt ceiling on Tuesday, shortly before they are scheduled to take a procedural vote on the measure.
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