The House and Senate will vote this week on a bill that will allow Senate Democrats to pass an increase in the debt limit without requiring any Republican votes.
The agreement comes ahead of a December 15 deadline. It follows weeks of discussions between Democrats who run the Senate and Republicans who have declined to provide any votes for a long-term debt limit increase.
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“We always said we wanted a process that was simple, not risky, not convoluted, and didn't put us through lots of different votes,” said Senate Majority Leader Chuck Schumer, a New York Democrat. “And Democrats were always willing to carry the burden. That's what's going to happen.”
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The agreement allows both parties to avoid blame for a legislative pause on the debt ceiling that may have forced the United States to default on its loans, which would be economically unfortunate.
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Treasury Secretary Janet Yellen warned Congress the federal government would run out of money to finance its bills after December 15.
The deal allows Republicans to bypass voting to increase the borrowing limit, which they say is bound to wild and reckless spending by Democrats.
Republicans are staunchly against the latest Democratic spending bill — a $1.75 trillion social welfare and green energy package that will add to the debt and inflation. Most Republicans are also against a $1.2 trillion infrastructure measure, as well as a $1.9 trillion COVID-19 aid bill signed into law by President Joe Biden earlier this year.
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“I believe we've reached a solution to the debt ceiling issue that's consistent with Republican views of raising the debt ceiling for this amount at this particular time and allows the Democrats to proudly own it, which they're happy to do,” McConnell said.
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Legislation to increase the debt limit hasn't yet been introduced. It will follow House and Senate votes this week to fast-track the bill and allow 51-vote passage in the Senate, instead of the normal 60 votes. It's expected to increase the debt limit by about $2 trillion and would allow federal borrowing to last until after the November 2022 elections.
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Republicans said ten GOP lawmakers would give enough support to pass the fast-tracking measure, which is expected to come up in the Senate on Thursday, according to McConnell.
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The House introduced the legislation earlier Tuesday and added it to a measure to stop looming cuts to Medicare reimbursement rates for healthcare providers.
GOP lawmakers refused a proposal to add a debt limit increase measure to the National Defense Authorization Act, a must-pass spending and policy bill.
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