Senate stays in night session to pass debt ceiling bill
Alex Wong/Getty Images News
The U.S. Senate forged ahead on Thursday to pass a debt ceiling package so it can be sent to President Joe Biden for his signature before the Monday deadline when the Treasury expects to run out cash to pay government obligations.
Majority Leader Chuck Schumer (D-NY) set a late night floor schedule with almost a dozen amendments up for debate to the legislation that the White House and Republican congressional leaders crafted over the Memorial Day weekened. None of the amendments are expected to be approved or change the overall deal, the Associated Press reported.
Labeled the Fiscal Responsibility Act, the bill which proposes to lift the $31.4T debt limit until Jan. 1, 2025 passed the House on Wednesday night in a 314 to 117 vote, through the support of both Republicans and Democrats.
"Let's finish the job," Schumer told his fellow senators.
Conservative Republican proposed amendments for more spending cuts, and a Democrat proposed removing a controversial natural gas pipeline from the package, the AP said.
If any amendments are approved the bill would have to go back to the House of Representatives, a move that would likely mean the debt ceiling would not be lifted before the June 5 deadline set by the Treasury.
Dear readers: We recognize that politics often intersects with the financial news of the day, so we invite you to click here to join the separate political discussion.