Senate to act on debt limit Tuesday by December 15 deadline

Finance Minister Janet Yellen has warned that the debt limit achievable on December 15, giving Congress little time to deal with the problem. Once the Senate acts, the next House of Representatives will have to pass similar legislation before it can be sent to President Joe Biden to be signed into law. A first default will cause economic disaster and party leaders on both sides of the aisle have made it clear that it must be stopped.
However, Republicans insist that Democrats are responsible for raising the limit and do it themselves. In response to that request from the Republican Party, Congress passed the law last week to create a speedy process that would allow Democrats to raise the debt limit themselves in the Senate without help from Republicans.

The newly created and interim one-time process will allow Senate Democrats to absorb and pass a bill that raises the debt limit to a specific amount and a simple majority vote – or 51 votes. if all senators are present and vote. Senate Democrats control 50 seats on the panel and Vice President Kamala Harris could break the vote.

Senate Majority Leader Chuck Schumer on Monday announced that the vote to raise the debt limit would take place on Tuesday.

“Last week, we advanced bipartisan legislation that would allow this chamber to address the debt ceiling on an expedited basis. For the record, the Senate will act tomorrow to prevent a default. debt,” he said.

It remains unclear how much Senate Democrats will raise the limit, as they have yet to make public or release the legislative text. However, it is expected to raise enough funds to ensure that the issue will not need to be resolved again until after the 2022 midterm elections.


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