US Senate Majority Leader Chuck Schumer said on Thursday that the Senate could move to consider legislation approved by the House on Wednesday to suspend the US debt ceiling through December 16, 2022 as early as next week
* WASHINGTON (Pakistan Point News / Sputnik - 30th September, 2021) US Senate Majority Leader Chuck Schumer said on Thursday that the Senate could move to consider legislation approved by the House on Wednesday to suspend the US debt ceiling through December 16, 2022 as early as next week.
"Yesterday, the House approved legislation providing for a clean debt limit extension until the end of 2022. At the appropriate time, I'll move to proceed to its consideration, which could come as early as next week," Schumer said during remarks on the Senate floor.
The House legislation to raise the debt ceiling passed on Wednesday in a vote of 219-212 that fell mostly along partisan lines. The legislation is expected to face greater challenges in the Senate, however, given the higher 60-vote threshold normally needed to raise the debt ceiling.
The US could default on its debt by October 18 according to US Treasury Secretary Janet Yellen, who warned Congress on Tuesday that failing to raise the debt ceiling could cause an economic crisis of "enormous proportions."
In addition to the issue of raising the debt ceiling to avoid a default, the Congress has also been working hastily to pass a bill that funds the government and avoids a shutdown. Senate Minority Leader Mitch McConnell said on Thursday that Republicans will allow a funding bill to pass. House Speaker Nancy Pelosi in response said that the House is ready to pass it as well.
