Senate Advances Democrats' Fast-Track Debt Ceiling Increase

Tyler Durden's Photo
by Tyler Durden
Thursday, Dec 09, 2021 - 06:22 PM

Senate Democrats on Thursday secured enough GOP votes to advance a measure which would allow Dems to fast-track the next debt ceiling increase by a simple majority, circumventing the filibuster. The move positions Congress to stave off default before the ceiling hits in the next week.

The 10 Republicans who initially voted for cloture are: McConnell, Thune, Barrasso, Wicker, Capito, Collins, Blunt, Tillis, Murkowski, and Burr, while the final vote was 64-36. In total, 14 Republicans voted to adopt the measure, while a final vote to approve it is expected before the end of the week.

The House adopted the measure on Tuesday. The Senate is expected to hold a final vote to approve the measure before the end of the week, setting up President Biden to sign a bill that also prevents a series of automatic cuts to Medicare. That could tee up Congress next week to raise the debt ceiling by trillions of dollars, covering federal spending obligations beyond the 2022 midterm elections — and defusing another potential last-minute conflict until after the political fate of the Capitol is decided. -WaPo

Prior to the vote, Senate Majority Leader Chuck Schumer (D-NY) thanked Minority Leader Mitch McConnell for rustling up enough votes to let dems go hog wild.

Several Republicans were uncomfortable with the measure's passage - arguing that they shouldn't help Democrats. The most vocal being former President Trump, who attacked McConnell for striking a deal.

"The Dems would have folded completely if Mitch properly played his hand," said Trump.

McConnell's compromise with Senate Democrats was reached earlier this week - after he initially refused to supply GOP votes for a direct increase in the debt ceiling. Instead, the new measure allows Democrats to 'own' the increase.