This website collects cookies to deliver better user experience. Cookie Policy
Accept
Sign In
The Wall Street Publication
  • Home
  • Trending
  • U.S
  • World
  • Politics
  • Business
    • Business
    • Economy
    • Real Estate
    • Markets
    • Personal Finance
  • Tech
  • Lifestyle
    • Lifestyle
    • Style
    • Arts
  • Health
  • Sports
  • Entertainment
Reading: Senate Approves Increase in Debt Ceiling
Share
The Wall Street PublicationThe Wall Street Publication
Font ResizerAa
Search
  • Home
  • Trending
  • U.S
  • World
  • Politics
  • Business
    • Business
    • Economy
    • Real Estate
    • Markets
    • Personal Finance
  • Tech
  • Lifestyle
    • Lifestyle
    • Style
    • Arts
  • Health
  • Sports
  • Entertainment
Have an existing account? Sign In
Follow US
© 2024 The Wall Street Publication. All Rights Reserved.
The Wall Street Publication > Blog > Business > Senate Approves Increase in Debt Ceiling
Business

Senate Approves Increase in Debt Ceiling

Editorial Board Published December 15, 2021
Share
Senate Approves Increase in Debt Ceiling
SHARE

WASHINGTON—The Senate passed a measure raising the government’s borrowing limit by $2.5 trillion, as Democrats moved to quickly bring the measure to President Biden’s desk and push the next debt-ceiling standoff past the midterm elections.

The Senate voted 50-49 to approve the legislation, sending it to the House, which could pass it as soon as later Tuesday. The Treasury Department, which has been taking such steps as suspending certain investments to conserve cash, has warned lawmakers that it could be unable to meet the country’s obligations as soon as Wednesday if the debt ceiling isn’t raised.

Final passage of the debt ceiling increase through Congress will conclude weeks of work on the issue. In an effort to keep their political distance from the ceiling increase, Republicans negotiated an agreement allowing Senate Democrats to raise the borrowing limit along party lines, instead of with the 60 votes typically needed to advance legislation in the Senate.

That procedural agreement was codified in a separate piece of legislation that the Senate passed last week with bipartisan support.

In a sign of the complicated politics of the debt limit vote, Senate Majority Leader Chuck Schumer (D., N.Y.) thanked Republicans for working with Democrats on the procedural agreement and avoiding the brinkmanship that marked the issue earlier this year.

Republican Sen. Mitch McConnell, right, on Tuesday.

Photo: jim lo scalzo/EPA/Shutterstock

“No brinkmanship, no default on the debt, no risk of another recession: responsible governing has won on this exceedingly important issue. The American people can breathe easy and rest assured there will not be a default,” he said. “I thank the Republican leader and my Republican colleagues who voted with us to address this issue.”

Senate Minority Leader Mitch McConnell (R., Ky.), meanwhile, criticized Democrats for allowing more borrowing. Raising the debt limit doesn’t authorize new spending, but instead allows the government to issue new debt to pay for existing obligations, such as Social Security benefits and interest on the debt.

“Later today, every Senate Democrat is going to vote on party lines to raise our nation’s debt limit by trillions of dollars,” Mr. McConnell said.

As lawmakers prepare for another hike in the debt ceiling, WSJ’s Greg Ip explains why it’s economically feasible for the U.S. to keep borrowing, as long as interest rates stay low.

Lawmakers have in recent years largely suspended the debt limit for a period of time, but Republicans had sought to force Democrats to sign on to a specific level of debt.

Authorizing enough debt to last through the midterm elections was part of the negotiations between Messrs. McConnell and Schumer, according to people familiar with the matter. Democrats landed on $2.5 trillion, rather than a much larger increase that would allow lawmakers to avoid the issue for years, as an amount that would fulfill the country’s obligations for roughly that long, according to one of the people.

The legislative legerdemain needed to craft the multistep procedural agreement and raise the debt limit this year is a sign of the difficulty lawmakers may face on the issue in 2023.

Republicans are favored to win control of the House in next year’s midterms, meaning future negotiations over the issue could become more fraught. The agreement between Messrs. McConnell and Schumer disappointed many Republicans, who wanted the GOP to do more to resist a debt-limit increase.

Addressing another piece of year-end business, the Senate voted 86-13 on Tuesday to advance the National Defense Authorization Act, a $778 billion defense policy and budget bill that includes a 2.7% pay raise for troops and money for military construction, ships and aircraft. The legislation also creates an independent commission to study the Afghanistan War and makes historic changes to the military-justice system, removing commanders’ authority to make prosecutorial decisions about some serious crimes such as sexual assault, murder and kidnapping.

Final passage of the bill is expected in the Senate on Wednesday, with bipartisan support. It will then head to President Biden’s desk for his signature.

The U.S. Debt Limit

Write to Andrew Duehren at [email protected]

Copyright ©2021 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

Appeared in the December 15, 2021, print edition as ‘Senate Approves Measure To Raise Borrowing.’

Contents
Republican Sen. Mitch McConnell, right, on Tuesday.The U.S. Debt Limit
TAGGED:Business NewsPAIDWall Street Publication
Share This Article
Twitter Email Copy Link Print
Previous Article Portland business owners turn to private security after city defunds police Portland business owners turn to private security after city defunds police
Next Article Elon Musk battles Elizabeth Warren on Twitter Elon Musk battles Elizabeth Warren on Twitter

Editor's Pick

New Council of Financial Advisors report finds tariffs not inflicting inflation

New Council of Financial Advisors report finds tariffs not inflicting inflation

Former Trump administration head of financial coverage Tomas Philipson discusses President Trump’s commerce talks with South Korea and Japan, present…

By Editorial Board 4 Min Read
NBA Summer time League takeaways: Warriors rookie Will Richard makes debut vs. Spurs
NBA Summer time League takeaways: Warriors rookie Will Richard makes debut vs. Spurs

Richard makes debut SAN FRANCISCO – The Warriors‘ acquisition of their three…

5 Min Read
“A Family’s Fight to Reclaim Their Legacy”
“A Family’s Fight to Reclaim Their Legacy”

Introduction: For generations, the Wright family has worked and lived on their…

5 Min Read

Oponion

Amazon’s New Devices: Astro Home Robot, Smart Thermostat and More

Amazon’s New Devices: Astro Home Robot, Smart Thermostat and More

Amazon.com Inc. streamed a media event Tuesday focused on new…

September 28, 2021

Trump’s loyalty check means solely the most important suck-ups can work for him

President Donald Trump’s loyalty check has…

March 8, 2025

All the fact-checkers in the world can’t save the public health community’s clown show

OPINION: Last week I wrote, and…

January 12, 2022

Russia Rebuts Growing U.S. Warnings of Attack on Ukraine

MOSCOW—The Kremlin denied that a buildup…

November 22, 2021

European Union ‘ready to negotiate’ with Trump on zero-for-zero tariffs

'Outnumbered' discusses European Fee President Ursula…

April 7, 2025

You Might Also Like

Thales Reinforces its Management in eSIM and IoT Connectivity with a ‘Ready to Use’ Licensed Resolution
Business

Thales Reinforces its Management in eSIM and IoT Connectivity with a ‘Ready to Use’ Licensed Resolution

At a time when billions of linked objects are reshaping industries, Thales has achieved a vital safety certification for its…

4 Min Read
Soracom IoT Platform Achieves SOC 2 Kind 2 Compliance for Safety, Availability, and Confidentiality
Business

Soracom IoT Platform Achieves SOC 2 Kind 2 Compliance for Safety, Availability, and Confidentiality

Soracom, Inc., right now introduced that it has efficiently achieved System and Group Controls (SOC) 2 Kind 2 compliance, reinforcing…

2 Min Read
Mobile IoT Module Shipments Grew 23% in Q1 2025 as US–China tensions affect vendor panorama
Business

Mobile IoT Module Shipments Grew 23% in Q1 2025 as US–China tensions affect vendor panorama

In brief Shipments of mobile IoT modules and chipsets grew 23% year-over-year in Q1 2025, based on IoT Analytics’ International…

20 Min Read
Prime 7 Visitor Posting Marketplaces to Purchase Visitor Posts That Drive Search engine optimization Outcomes
Business

Prime 7 Visitor Posting Marketplaces to Purchase Visitor Posts That Drive Search engine optimization Outcomes

Utilizing a visitor posting market helps you overlook all that like a nasty nightmare. However how do you discover probably…

14 Min Read
The Wall Street Publication

About Us

The Wall Street Publication, a distinguished part of the Enspirers News Group, stands as a beacon of excellence in journalism. Committed to delivering unfiltered global news, we pride ourselves on our trusted coverage of Politics, Business, Technology, and more.

Company

  • About Us
  • Newsroom Policies & Standards
  • Diversity & Inclusion
  • Careers
  • Media & Community Relations
  • WP Creative Group
  • Accessibility Statement

Contact

  • Contact Us
  • Contact Customer Care
  • Advertise
  • Licensing & Syndication
  • Request a Correction
  • Contact the Newsroom
  • Send a News Tip
  • Report a Vulnerability

Term of Use

  • Digital Products Terms of Sale
  • Terms of Service
  • Privacy Policy
  • Cookie Settings
  • Submissions & Discussion Policy
  • RSS Terms of Service
  • Ad Choices

© 2024 The Wall Street Publication. All Rights Reserved.

Welcome Back!

Sign in to your account

Lost your password?