Chris Lange, FISM News
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Senate Democrats on Tuesday approved raising the federal government’s debt ceiling by $2.5 trillion, bypassing a GOP filibuster as part of a deal struck by congressional leaders.
The 50-49 vote fell along party lines following an agreement by GOP senators last week to pass legislation allowing for a simple majority vote. Sen. Cynthia Lummis (R-Wyo.) did not vote, although this had no effect on the outcome. Even if Lummis had cast a 50th no vote, Vice President Kamala Harris would have broken the tie in favor of the Democrats.
U.S. Treasury Secretary Janet Yellen had pressed Congress to hike the debt limit before Wednesday to avoid an unprecedented default that would have forced the government to rely solely on cash from the U.S. Treasury Department.
A default would damage the U.S. credit rating, resulting in higher interest rates on loans and likely triggering a recession. The House voted 221-209 in favor of the increase after the Senate struck the deal. Rep. Adam Kinzinger (R-Ill.) is the only House Republican to vote with Democrats.
Senate Majority Leader Chuck Schumer (D-N.Y.) said the increase will cover the government’s needs into 2023.
“As I have said repeatedly, this is about paying debt accumulated by both parties, so I’m pleased we came together to facilitate a process that has made addressing the debt ceiling possible,” he said, adding, “Responsible governing has won on this exceedingly important issue. The American people can breathe easy and rest assured there will not be a default.”
Senate Minority Leader Mitch McConnell (R-Ky.) took a more pessimistic view.
“Every Senate Democrat is going to vote along party lines to raise our nation’s debt limit by trillions of dollars,” McConnell said in a speech he delivered ahead of the vote. He added, “If they jam through another reckless taxing and spending spree, this massive debt increase will just be the beginning.”
The bill, which now awaits President Biden’s approval, follows months-long, often rancorous debate between both parties, culminating in a deal struck between Schumer and McConnell that allowed Democrats to bypass the normal 60-vote threshold with a simple majority vote.
Some Republican leaders say this strategy plays into their hands by forcing Democrats to raise the current $28.9 trillion debt ceiling on their own, a move they plan to use in attack ads during the 2022 midterms and one they say will allow them to pivot their focus back to President Biden’s Build Back Better legislation, presumably an easier target.
Other party members, however, have accused McConnell of caving to political pressure, saying Democrats should have been forced to raise the debt ceiling entirely on their own through budget reconciliation.
House Rep. Jodey Arrington (R-Texas) told the chamber’s Rules Committee he was disappointed McConnell agreed to the deal, noting that the nation’s debt level is currently at its highest since World War Two, adding “and we ain’t in a war.”
It remains to be seen if congressional Democrats will manage to pass Biden’s massive social spending bill by Schumer’s Christmas deadline. Negotiations appear to have stalled with party members deeply divided over the size and scope of the package.