Photo: CSPAN Capture / Courtesy
In a bipartisan collaboration, 14 Republicans supported the Democrats to allow the Senate to vote in plenary session on increasing the debt ceiling to the Government of President Joe Biden.
This after an agreement with the minority leader Mitch McConnell (Kentucky), who would not get in the way of the Majority Leader’s plan, Chuck Schumer (New York) to move forward with the measure, amid a busy Senate schedule.
“I think we have come up with a solution to the debt ceiling problem that is consistent with Republican views. to raise the ceiling … at this particular time, “boasted Republican McConnell this week.
The decision was made with 64 votes in favor against 36 And, in this way, the Democratic senators could advance with the proposal sent by the House of Representatives – approved last Tuesday – to approve an increase to the debt ceiling with a simple majority.
“The proposal that I worked on with leader McConnell will allow Democrats … to provide a simple majority of votes to fix the debt ceiling,” said leader Schumer prior to the vote. “The nation’s debt has been incurred in a bipartisan manner, so I am pleased that this responsible action is taken today to facilitate a process that avoids default.”
Senator Schumer thanked his colleague McConnell for working on this agreement., which will have a final vote before the weekend.
“This is the responsible path to follow: no risk, no debt default, no risk of another recession,” he said.
In this way, the Democrats avoided the tension that occurred last October, when the Secretary of the Treasury, Janet Yellen, warned about the danger of not approving the debt ceiling, something that was achieved in a bipartisan manner, but with a deadline of December 3, although the official informed Congress two weeks ago that the new deadline was December 15.
“There are scenarios in which the Treasury would run out of sufficient remaining resources to continue financing the operations of the United States Government beyond this date,” Yellen said in a letter sent to the Speaker of the House of Representatives, Nancy Pelosi (California).
The Economist Andrés Vinelli, Vice President of Economic Policies at the Center for American Progress (CAP), explained in October to this newspaper that although it seems a technical matter and the Americans are far from it, if an increase to the debt ceiling is not approved there would be an impact on the pockets of millions of people and severe damage to the economy in general.
Eddie is an Australian news reporter with over 9 years in the industry and has published on Forbes and tech crunch.