Speed Reads


Senate passes bill that clears the way for debt ceiling increase

On Thursday, the Senate passed a bill that will make a one-time change to the chamber's rules, giving Democrats the ability to raise the debt ceiling in a simple-majority vote.

The measure cleared in a 59-35 vote, with 10 Republicans joining the Democrats to push it through. Treasury Secretary Janet Yellen told Congress earlier this month that the federal government could run out of money to pay its bills by Dec. 15, and Senate Majority Leader Chuck Schumer (D-N.Y.) said passing the measure was a "crucial" move that helps the U.S. avoid "the prospect of a catastrophic, calamitous default on our sovereign debt. This is the responsible path forward — no brinkmanship, no default on the debt, no risk of another recession."

The bill, which passed the House on Tuesday night, now heads to President Biden's desk. Once he signs it, the House and Senate will vote for separate legislation that actually increases the debt limit.