The US Senate was yesterday set to take up a bill to lift the government’s US$31.4 trillion debt ceiling, with just four days left to pass the measure and send it to US President Joe Biden to sign, averting a catastrophic default.
The top Democrat and Republican in the chamber vowed to do all they could to speed along the bill negotiated by Biden and US House of Representatives Speaker Kevin McCarthy, which would suspend the debt limit until Jan. 1, 2025, in exchange for a cap on spending.
It remained to be seen whether any members of their respective caucuses, particularly hardline Republicans angry the bill did not include deeper spending cuts, would use the Senate’s arcane rules to try to slow down its passage.
Photo: Bloomberg
The US Department of the Treasury said that it would be unable to pay all its bills on Monday next week if the US Congress fails to act.
The Republican-controlled House passed the bill on Wednesday evening in a 314-117 vote. McCarthy lost the support of dozens of his fellow Republicans.
“Once this bill reaches the Senate, I will move to bring it to the floor as soon as possible,” Senate Majority Leader Chuck Schumer said on Wednesday.
Senate Minority Leader Mitch McConnell also signaled that he would work for fast passage, saying: “I’ll be proud to support it without delay.”
Biden’s Democrats control the Senate by a thin 51-49 margin. The chamber’s rules require 60 votes to advance most legislation, meaning at least nine Republican votes are needed to pass most bills, including the debt ceiling deal.
The measure faces opposition from the right, with some Republicans angry the spending cuts were not deeper, and left, with some Democrats opposed to new work requirements imposed on some anti-poverty programs.
However, most lawmakers acknowledged they could not stomach the prospect of barreling ahead into default.
Schumer and McConnell were working behind the scenes to dissuade opponents from erecting procedural barriers that would delay passage.
Typically on important, contentious bills such as this one, the two Senate leaders find a way to allow just a couple of rebelling senators from each party to offer amendments under fast-track procedures, knowing they would lack the votes for passage.
“Unless you want to stay here through the weekend, I think some of our guys are going to need to get their votes” on their amendments, US Senator John Thune said.
Any Senate changes to the bill at this stage would mean it would have to go back to the House for final passage, a delay that could make the first-ever US government default a reality.
Republican US Senator Rand Paul who regularly seeks such last-minute amendments, told CBS News on Wednesday that he would not employ parliamentary procedures to delay action.
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