The United States House of Representatives on Tuesday passed a bill in a 220-212 vote that creates a one-time workaround for Congress to quickly raise the debt ceiling. Extending the federal government’s borrowing limit has been a political hot potato for more than a decade, resulting in a governing-by-crisis pattern that periodically sparks fears of a catastrophic default on the nation’s $29 trillion national debt.
The news follows an agreement that was reached between Senate Majority Leader Chuck Schumer (D-New York) and Minority Leader Mitch McConnell (R-Kentucky) on Tuesday afternoon.
The bill allows the Senate to raise the debt limit by a specified amount with a majority vote, allowing Democrats to avoid a filibuster.
Most crucially, the House measure would also temporarily strip Senate Republicans of the ability to filibuster the next debt ceiling increase – a tactic that they have ruthlessly employed on an array of proposals put forth by Democrats – which Schumer will file once the main bill is passed.
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McConnell has signaled that his caucus can live with it – this time.
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