The US Senate will vote on Tuesday to raise the government’s debt ceiling

Birds fly near the U.S. Capitol in Washington, the United States, October 4, 2021. REUTERS / Kevin Lamarque / File Photo

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WASHINGTON, Dec. 13 (Reuters) – The U.S. Senate will vote on Tuesday to raise the federal government‘s debt limit of $ 28.9 trillion to avoid an unprecedented default later this month, the majority leader said Senate, Chuck Schumer, on Monday.

“The Senate will act tomorrow to prevent a default,” said the Democrat Schumer in a speech to the Senate.

Senate Republicans had opposed the vote on the debt ceiling for months to tie the move with President Joe Biden’s proposed $ 1.75 trillion domestic spending bill, which Republicans oppose, “Build Back Better”.

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Democrats point out that the legislation is needed to fund significant debt incurred during former President Donald Trump‘s administration when Republicans willingly added about $ 7.85 trillion to Washington’s credit card bills, in part through extensive Tax cuts and spending to fight the COVID-19 pandemic.

Legislators passed a bill last week preventing the use of delaying tactics on this case, allowing the Senate to quickly approve the debt ceiling hike by a simple majority of Democrats in the Chamber. Continue reading

This is the law that Schumer is expected to put to the vote on Tuesday. The Democrat-led House of Representatives is also expected to vote on Tuesday, and if it passes both houses as expected, Biden will sign it.

The exact dollar amount to raise the current $ 28.9 trillion debt ceiling has not been disclosed, but it was projected to be in the $ 2-3 trillion range and is expected to keep the Treasury Department borrowing at least through the November Congressional election Keep normal in 2022.

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Reporting by Susan Cornwell; Adaptation by Peter Cooney

Our Standards: The Thomson Reuters Trust Principles.


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