November 29, 2022

The Catholic Transcript

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The U.S. Senate is accelerating the approval process to avoid a debt crisis

The U.S. Senate is accelerating the approval process to avoid a debt crisis

Senate Majority Leader Chuck Schumer hopes at least 10 Republicans will help overcome the practical hurdle of raising the debt ceiling – Getty Images North America / AFP / Archives

U.S. senators voted Thursday (9) in favor of creating legislation that would allow Democrats to suspend the country’s debt ceiling once and avoid a catastrophic default without seeking the votes of opposition Republicans.

The move would allow Democrat-controlled Congress to raise the debt ceiling by a certain dollar, with a simple majority in both, meaning the effort could become law without trusting Republicans.

“We need to take a few more steps before this issue is fully resolved, but after today’s vote, I’m confident that we are on track to avoid a catastrophic default,” said Senate Majority Leader Chuck Schumer.

Increasing the credit limit would normally require 60 votes in the Senate, which would be split to 50-50, but with the new law, this increase would get the green light only with the support of all Democrats and the runner’s “yes”. -Up Die.-President Kamala Harris.

Meanwhile, Republicans are basically on the sidelines, not blocking Democrats but voting to raise the debt ceiling.

The deal comes a few days before the deadline to reach the credit limit, putting an end to several weeks of tense negotiations.

If something is not done, the United States will not be able to repay its debt after next Wednesday.

The country spends more money than it collects on taxes, so they borrow by issuing government bonds, which are some of the safest investments in the world.

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