WASHINGTON (AP) – The Senate moved ahead Thursday with legislation that would create a one-time, fast-track process for raising the debt limit, overcoming a Republican filibuster and likely averting another last-minute rush to avoid a devastating federal default.
The bill fits the two goals that Republican leader Mitch McConnell had set months ago for the politically difficult vote to increase the country’s borrowing authority: Democrats probably will have to pass the debt ceiling increase on their own, without GOP support, and they will have to increase it by a specific amount.
McConnell was able to deliver enough Republican votes to advance the bill Thursday when 14 Republicans sided with Democrats to end debate. That was the most precarious and unpredictable vote in the process. That support largely held with the vote on final passage of the measure later in the evening. The bill now goes to President Joe Biden’s desk for his signature.
Now that it’s been cleared, Democrats can use their majority to pass the debt ceiling increase itself – likely next week – without having to worry about gaining the 60 votes necessary to overcome a filibuster.
“This is the responsible path forward,” said Senate Majority Leader Chuck Schumer, D-N.Y. “No brinksmanship, no default on the debt, no risk of another recession.”