Senate approved increase in debt to avoid default

The text, approved only by Democratic senators, by 50 votes to 48, would increase the debt ceiling by $ 480,000 million from its current level, to honor payments until early December. The Democratic-majority House of Representatives is expected to approve the rule by the middle of next week.

U.S. Senators had reached an agreement to provide the quorum necessary to discuss the bill in Congress and avoid suspension of state payments, after Democrats accepted the Republicans’ offer to raise the debt ceiling during two months. This was reported by Senate Majority Leader Chuck Schumer, who presented a deal to extend the debt limit until early December.

In this way, they managed to temporarily end a partisan deadlock just 11 days before the government deadline to avoid non-compliance. “We hope to be able to do this today,” said Schumer, D-New York, in an address to the Senate.

The agreement would increase the limit to u $ 480,000 million, which is the number that US Treasury Secretary Janet Yellen says it takes to arrive on December 3.

The deal could also serve as the basis for a short-term solution, with the country facing an October 18 deadline to lift the limit.

“Republican and Democratic members and staff negotiated overnight in good faith,” Senate Minority Leader Mitch McConnell said. “The Senate is moving towards the plan I presented yesterday to save the American people from a crisis.”

Yesterday McConnell had assured that the Republicans would not stand in the way of a temporary extension of the debt limit. This will “give the unified Democratic government more than enough time to pass independent debt ceiling legislation through reconciliation,” McConnell, R-Kentucky said.

Some die-hard Republicans seem poised to allow a fast-track process. The senator Josh Hawley, A Republican from Missouri, he had argued that he would not oppose an agreement guaranteeing a quick vote on the measure, but reiterated that “he will vote against raising the debt ceiling”.

The leader of the minority in the Senate, John Thune, Republican for Dakota, he said Republicans “are still quite determined” to force Democrats to resort to reconciliation.

Some conservatives like the senator Lindsey Graham, South Carolina, the top Republican on the budget committee, fears Democrats will continue to abandon the special budget process over concerns that the deal will ultimately give them a pass on Republican demands.