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U.S. Senate to vote Tuesday on raising government's debt limit

Economic Indicators Dec 13, 2021 08:15PM ET
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© Reuters. FILE PHOTO: Birds fly near the U.S. Capitol in Washington, U.S., October 4, 2021. REUTERS/Kevin Lamarque/File Photo

WASHINGTON (Reuters) - The U.S. Senate will vote on Tuesday to raise the federal government's $28.9 trillion limit debt limit, avoiding an unprecedented default as soon as later this month, Senate Majority Leader Chuck Schumer said on Monday.

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

Senate Republicans had resisted voting on the debt ceiling for months, seeking to link the move to President Joe Biden's proposed $1.75 trillion "Build Back Better" domestic spending bill that Republicans oppose.

Democrats note the legislation is needed to finance substantial debt incurred during former President Donald Trump's administration, when Republicans willingly increased Washington's credit card bill by about $7.85 trillion, partly through sweeping tax cuts and spending to fight the COVID-19 pandemic.

Lawmakers agreed last week to legislation that prevents the use of stalling tactics in this case, allowing the Senate to move quickly to approve raising the debt ceiling by a simple majority vote of Democrats in the chamber.

That is the legislation that Schumer is expected to bring to the floor for a vote on Tuesday. The Democratic-led House of Representatives is also expected to vote on it Tuesday, and if it passes both chambers as expected, Biden will sign it into law.

The specific dollar amount for increasing the current $28.9 trillion debt limit has not been disclosed, but it was expected to be in the range of $2 trillion to $3 trillion and is intended to keep Treasury Department borrowing operating normally at least through the November 2022 congressional elections.

U.S. Senate to vote Tuesday on raising government's debt limit
 

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Comments (6)
Thomas Simpson
Thomas Simpson Dec 13, 2021 9:08PM ET
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Like the druck who says, I need to drink more so I can quit drinking. This is not about corporations or rich people paying taxes, it's an unabated, insatiable government out of control spending.
Chad RicherThanYou
Chad RicherThanYou Dec 13, 2021 8:21PM ET
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The USA is an embarassing empire in decline
Jose Cabreja
Jose Cabreja Dec 13, 2021 7:06PM ET
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🤣🤣🤣🤡 Digging deeper
Jack Peterson
Jack Peterson Dec 13, 2021 5:35PM ET
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Our leaders are parasites, riding the backs of hard working, tax paying Americans and its successful corporations… except it is not a symbiotic relationship, we tax payers get the shaft every time, thanks for the inflation Joe
Benjamin USA
Benjamin USA Dec 13, 2021 5:35PM ET
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Nice rant
Peter ONeill
Peter ONeill Dec 13, 2021 5:35PM ET
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Maybe if US Corporations paid their way? The problem is EVERYONE wants a piece of the pie but NO ONE wants to pay for it. You cant increase corp taxes as corporations would complain - despite sitting on Trillions of global cash, you cant increase income taxes as people would complain. So you increase 0 (indeed you lower corp taxes) and the debt pile keeps climbing - kicking the can down the road until the whole thing will eventually come crashing down. US Debt grew from $5 Trillion in 2000 to almost $29 Trillion now (almost a 600% increase) - while US GDP in that same period has only increased from $10 Trillion to $20 Trillion.
Tre Hsi
Tre Hsi Dec 13, 2021 5:35PM ET
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of course these same people only complains about budget deficits when it's a democrat president, how come there wasn't any concern when president orange spent tax money like a drunken sailor???  or did all of you actually believe him when he said he will wipe out national debt (not the deficit, the actual federal debt) in 8 years???
Chris Kellerman
Chris Kellerman Dec 13, 2021 4:47PM ET
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And of course they’re going to raise the debt ceiling who cares
jason xx
jason xx Dec 13, 2021 4:39PM ET
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Can you imagine if they pass this and the market rallies because they did thier job at the last possible second?
Jeff Chevalier
Jeff Chevalier Dec 13, 2021 4:39PM ET
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Nobody cares about the debt ceiling. This game has been going on for years.
 
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