Senate Majority Leader Chuck Schumer announced Thursday that he had reached a deal with Minority Leader Mitch McConnell that would raise extend the debt ceiling until early December.
“We have reached agreement to extend the debt ceiling through early December and it’s our hope we can get this done as soon as today,” Schumer said on the Senate floor Thursday morning.
The deal includes a republican requirement that the democrats include a dollar figure for the new ceiling which makes the deal a debt ceiling raise instead of a suspension.
Both sides had motivation to extend the debt ceiling. While Republicans wanted to avoid default on existing debt, Democrats are hoping to quickly get back to President Biden’s $5 trillion dollar spend-a-thon.
Schumer said he hopes to get the legislation through the Senate as early as Thursday so the House can vote on it and send it to Biden’s desk for signature.
Failing to raise the debt ceiling would not prevent all the new spending that Democrats are proposing. It would only make it impossible for the Treasury Department to pay for expenses already passed by Congress. The only way to reign in government spending is to vote better in 2022.
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