The U.S. Senate took a step toward raising the federal government's $28.9 trillion debt limit on Thursday when it voted to limit debate on the first of two necessary measures, as the Treasury Department urged action by next week.
"I'm optimistic that after today's vote we will be on a glide-path to avoid a catastrophic default," Schumer said in a speech to the Senate.
The deal comes just two months after Congress agreed on a short-term lift to the debt ceiling, to avert an unprecedentedby the federal government on its obligations, which would have catastrophic implications for the world economy. Democrats note that the legislation is needed to finance debt largely incurred during Donald Trump's administration, when Republicans willingly jacked up Washington's credit card bill by about $7.85 trillion, partly through sweeping tax cuts and spending to fight the COVID-19 pandemic.
Treasury Secretary Janet Yellen has urged Congress to act by Dec. 15, and the Bipartisan Policy Center think thank warned last week that the government could risk default by late this month if Congress does not act.
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