The Senate will begin considering a bill that would create a fast-track process allowing Democrats to raise the federal debt limit without votes from Republicans -- a crucial next step as lawmakers race the clock to avert a catastrophic debt default.
A first-ever default would trigger financial disaster and Treasury Secretary Janet Yellen has warned the debt limit could be reached on December 15, leaving little time left to act. Party leaders on both sides of the aisle have made clear that default must be prevented, but Republicans have insisted that Democrats should bear the burden of raising the limit on their own.
"We'll be voting on it Thursday and I'm confident this particular procedure coupled with the avoidance of Medicare cuts will achieve enough Republican support to clear the 60-vote threshold," McConnell, a Kentucky Republican, said at a news conference on Tuesday. Once the Senate passes the measure, it will go to President Joe Biden's desk for his signature.
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