The US Senate got ahead on Thursday to pass a debt ceiling package so it can be sent to President Joe Biden for his signature before Monday’s deadline when the Treasury expects to run out of money to pay government bonds.
Majority Leader Chuck Schumer (D-NY) laid out a late-night floor schedule with nearly a dozen amendments to debate legislation that the White House and Republican leaders in Congress hammered out over the course of of Memorial Day week. None of the amendments are expected to pass or alter the overall deal, the Associated Press reported.
Titled the Fiscal Responsibility Act, the bill that proposes to lift the $31.4 billion debt ceiling through January 1, 2025 passed the House Wednesday night by a 314-117 vote, thanks to support Republicans and Democrats.
“Let’s get the job done,” Schumer told fellow senators.
A conservative Republican has proposed amendments for more spending cuts, and a Democrat has proposed dropping a controversial gas pipeline from the package, the AP said.
If amendments are approved, the bill is expected to return to the House of Representatives, a decision that would likely mean the debt ceiling would not be lifted by the June 5 deadline set by the Treasury.
Dear readers: We recognize that politics often overlaps with the financial news of the day, so we urge you to click here to join the separate political discussion.