The Senate will vote Tuesday to raise the nation’s borrowing limit under a bipartisan deal that will allow the measure to pass without a single GOP vote.
“The Senate will act tomorrow to prevent default,” Senate Majority Leader Chuck Schumer said Monday.
The House is slated to pass the measure later this week, sending it to President Joe Biden’s desk for signature.
It will likely extend federal borrowing until after the 2022 midterm elections, adding approximately $2 trillion to the $27 trillion debt.
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Republicans have refused to vote for a long-term debt limit increase despite warnings by Treasury Secretary Janet Yellen that the government would be forced to default on loans if Congress does not allow more borrowing authority by Dec. 15.
GOP lawmakers told Democrats to pass the measure unilaterally in response to the part approving trillions of dollars in new spending over Republican objections. Republicans also staunchly oppose the Build Back Better legislation, a $1.85 trillion social welfare and green energy bill now awaiting consideration in the Senate.
But Republicans, fearing blame for an economically disastrous default, agreed to facilitate quick passage by a Democratic majority by providing 14 GOP votes to greenlight the procedure. Democrats can now pass the bill with 51 votes instead of the usual 60 votes.
The move stirred backlash from some conservatives, who hoped Minority Leader Mitch McConnell, a Kentucky Republican, would stand in the way of fast consideration, which would have made it much more difficult for Democrats to devote floor time to the Build Back Better legislation.
Schumer told lawmakers Monday he plans to bring up and pass the Build Back Better bill before Christmas, even though centrist Sen. Joe Manchin of West Virginia has yet to lend his support.
The measure is still under the scrutiny of the Senate parliamentarian, who must ensure it meets the special budgetary requirements that will allow Democrats to pass the bill with 51 votes instead of 60 votes.
Schumer said he would continue meetings with lawmakers about the bill and said Biden would also hold talks with senators about the bill.
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The work is not yet finished," Schumer said. "But we're working hard to put the Senate in a position to get the legislation across the finish line before Christmas."