crednews is the original content division of cred.ai

the original content division of cred.ai

Senate Passes Legislation to Raise Debt Ceiling 

Senate Passes Legislation to Raise Debt Ceiling 

The Senate voted 50 to 48 on Thursday in favor of a bill that would temporarily lift the federal debt ceiling to stave off a major debt default, according to Reuters. The vote fell along party lines, with Democrats leading the charge in support of the $480 billion raise. 

Though 11 Republicans moved to end debate on the issue, none of them ultimately sided with Democrats in the final vote, according to the Associated Press. Democratic Senate Majority Leader Chuck Schumer said they made a mistake.

“Republicans played a dangerous and risky partisan game, and I am glad that their brinksmanship did not work. For the good of America’s families, for the good of our economy, Republicans must recognize in the future that they should approach fixing the debt limit in a bipartisan way,” Schumer said.

The House is expected to pass the bill when they reconvene for a vote on Tuesday. Once approved, however, the short-term debt limit raise will only bring relief until December 3 – the deadline for legislators to find a long-term solution via budget reconciliation before year’s end. Republicans remain adamant that Democrats will have to go it alone at that point, according to CNN. 

In the months ahead, lawmakers must also debate federal funding for the upcoming fiscal year and determine how to handle President Joe Biden’s domestic agenda, which includes nearly $550 billion in new spending on infrastructure and $3.5 trillion for health programs and environmental initiatives. 

share this story

© crednews a division of cred.ai

cred.ai originals

latest posts

New research indicates that climate change is affecting not only Earth’s oceans, wildlife, and agriculture but also its upper atmosphere, with significant implications for satellite operations. A study published…
These days, scoring tickets to the hottest concerts is both a logistical nightmare and major financial feat. Prices are through the roof, but that hasn’t stopped young fans from…
Butterflies may be in serious danger. Over the past 25 years, the nationwide butterfly population has plummeted by 22 percent, according to new research published in the journal Science….
3D-printing technology is reshaping the construction industry, offering faster build times, less waste, and more design flexibility than traditional methods. What once seemed experimental is now a viable solution…

view the code through your phone’s camera
app and click the link that appears.
click the  X  or “esc” to close.