U.S. Senate Just Passed a Bill to Raise the Debt Ceiling

On Thursday evening, the Senate passed a bill that would begin the process of raising the nation’s debt ceiling with just Democratic votes, putting the country on the path to default.

Senate-passed legislation would enable for a one-time modification of Senate rules and would allow Democrats to raise the federal borrowing ceiling by a simple majority vote, after gaining the required support to break the filibuster earlier in the day.

Despite the fact that the rule only needed 51 votes to pass, ten Republicans joined all Democrats in voting for it, resulting in a 59-35 majority in favor of the measure.

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The Senate announced a deal on Tuesday that would prevent the United States from defaulting on its debt by authorizing Democrats to raise the debt ceiling in the Senate without receiving Republican support. The measure was passed by the House on a party-line vote of 222-212 in the wee hours of the morning on Wednesday.

It will now be sent to President Joe Biden for signature. The rule change will take effect after President Biden signs it, and Democrats in both chambers of Congress will need to enact a second piece of legislation to raise the debt ceiling. According to the Treasury Department, Biden must sign the second bill before December 15 in order to avoid a catastrophic default.

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