The White House released an official Statement of Administration Policy Tuesday supporting Senate Leadership's deal to raise the U.S. debt limit by $2.5 trillion just one day ahead of the Dec. 15 deadline.

Senate Majority Leader Chuck Schumer and Minority Leader Mitch McConnell announced the agreement, which will allow Democrats to approve the measure without any Republican voters, on Tuesday. Schumer is expected to bring it to the floor that afternoon and from there send it to the House. Biden will likely sign the bill into law late Tuesday night or early Wednesday before visiting tornado-ravaged Kentucky.

WHITE HOUSE FACES QUESTIONS ABOUT ITS HANDLING OF DEBT LIMIT NEGOTIATIONS

"The Administration strongly supports passage of S.J. Res. 33, legislation to increase the debt limit and preserve the full faith and credit of the United States. The Administration also appreciates the bipartisan support to authorize an expeditious process to complete this legislation," the White House's statement reads. "Addressing the debt limit is a basic responsibility of the Federal government. Passage of this legislation will allow the Treasury to finance spending and tax cuts Congress has already authorized and to keep its commitments without causing disruption or harm to our economy and American families. The Administration urges quick action to raise the debt limit and applauds the Senate leadership in fulfilling this fundamental legislative and constitutional responsibility."

White House officials publicly backed Schumer and McConnell's efforts to address the debt limit in recent months but would not comment on its specific role in brokering the negotiations or which legislative path it favored.

Treasury Secretary Janet Yellen previously testified that the "X Date," the day on which the Department of Treasury would exhaust all measures to avoid broaching the debt ceiling, would come on Dec. 15. While some economic analysts believe the U.S. would not effectively run out of money until early January, aid Monday that absolutely would not be the case.

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"Those who believe the debt limit can safely be pushed to the back of the December legislative pileup are misinformed," Shai Akabas, director of economic policy at the Bipartisan Policy Center, said in a statement. "Congress would be flirting with financial disaster if it leaves for the holiday recess without addressing the debt limit."