Senate Inches Closer to Raising Debt Ceiling by Trillions

On Tuesday, the Senate came closer to raising the debt ceiling $2.5 trillion with a procedural vote.

Background: Nearly all Senate Republicans earlier this year said they would vote against any debt ceiling increase in protest of Democrats plans to spend trillions of dollars along party lines. Republicans insisted Democrats use budget reconciliation to raise the debt limit, which is the process they used to advance their massive COVID spending bill earlier this year and are using again their social spending bill now.

But Democrats, led by Senate Majority Leader Chuck Schumer, D-N.Y., refused to use that process, which led to a standoff this fall between Republicans and Democrats that took the U.S. just days away from defaulting on its debt and causing an economic catastrophe. (per Fox Business)

Mitch McConnell later agreed to a temporary rise in the debt ceiling that prevent a default until December.

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