Senate Approves Compromise Bill to Raise Debt Limit
After weeks of negotiation, the Senate has finally approved a compromise bill to raise the federal debt limit. The bill, which passed with a bipartisan vote of 50-48, will increase the debt limit by $2.5 trillion and fund the government through December 3rd. The House is expected to pass the bill next week before it heads to President Biden’s desk for his signature.
The bill faced opposition from Republican hardliners who criticized the compromise and the timing of the vote. House Minority Leader Kevin McCarthy’s debt ceiling triumph has sparked outrage among some of his fellow Republicans, with many calling for his removal from his leadership position.
President Biden praised the Senate’s approval of the compromise bill, saying that it reflected a “commitment to responsible governance and a willingness to work across the aisle.”
The debt limit, which is the amount of money the government can borrow to meet its financial obligations, has been a contentious issue in recent years. Failure to raise the debt limit could result in default on U.S. financial obligations, with potential economic consequences.