Senate Majority Leader Charles Schumer speaks to reporters after a Senate Democratic luncheon in Washington, DC.
The debt ceiling will be raised on Tuesday, one day before the first-ever U.S. default.
The effort will begin in the Senate, where Majority Leader Chuck Schumer is expected to advance a debt-limit resolution early Tuesday afternoon. The start of the Senate debate will be marked by a procedural green light.
Schumer said Tuesday morning that Democrats will likely shorten their debate time to speed up the process. The Democrats are expected to pass a debt-ceiling increase before the end of the day if Republicans use all their allotted time.
The bill will go to the House, where it will be approved and sent to the president, who is expected to sign it late Tuesday or early Wednesday. He is expected to sign it just hours before the Treasury Department says it will run out of money.
Schumer said on Tuesday that the Senate will vote on raising the debt limit to a level that is appropriate for funding. The text of the resolution showed a proposed increase of $2.5 trillion.
The U.S. would run out of ways to pay its debt on December 15. If the debt ceiling is not raised before the Treasury misses a payment, the country will default for the first time. The Treasury secretary said that the US would slip into a recession if Washington didn't make its debt payments.
Fourteen Republicans joined every Democrat in voting to lift the debt ceiling with a simple majority. Schumer and McConnell brokered a deal that ended the GOP threat to block a borrowing-limit hike.
Democrats will be able to increase the debt limit on their own without the need for 60 votes. In the Senate split evenly by party, Democrats will need the support of every member of their caucus, as well as the Vice President, to advance the bill.
Democrats and Republicans vote together to raise or suspend the debt ceiling. The Republicans argue that Democrats should increase the borrowing limit on their own as they try to pass a social safety net and climate package.
The senator from Pennsylvania said that some of the programs would be a bad idea if the money were free.
The idea that we are going to throw a lot of money at American families who have lots of money is crazy. We are going to give them free programs and money because they have a child. Toomey added. Is it possible to undermine a sense of personal responsibility and independence?
Raising the debt limit doesn't authorize new government spending. It is similar to an increase to a consumer's credit card borrowing limit and allows the Treasury Department to continue to pay off the nation's bills.
If Congress had passed no legislation in 2021, Republicans and Democrats would have had to raise or suspend the debt limit.
