UPDATED 7:27 PM PT – Thursday, October 7, 2021
The Senate voted to increase the debt ceiling by $480 billion. In a 50-to-48 vote on Thursday, the Senate narrowly voted to raise the debt limit through Dec. 3. This comes just after the Senate voted to finish debate on the bill, narrowly passing the 60-vote threshold needed to do so.
Earlier in the day, it was unclear whether enough Republicans would vote to move the bill forward as many cited rampant government spending on the part of Democrats. However, Senate GOP leaders came to a compromise with Democrats and were able to whip enough Republicans to their side in order to proceed with the vote.
The bill is now headed to the House. Prior to the vote, Treasury Secretary Janet Yellen had warned lawmakers of potential catastrophic debt defaults if the debt ceiling was not raised by Oct. 18.
My new statement on the Democrats’ self-created debt limit crisis: pic.twitter.com/XwuqyS9oZ0
— Leader McConnell (@LeaderMcConnell) October 6, 2021
The decision comes after Senate Minority Leader Mitch McConnell (R-Ky.) offered a short-term solution suggesting Republicans would allow Democrats to pass a provision to raise the debt ceiling under a fixed amount.
Following the vote, Senate Majority Leader Chuck Schumer (D-N.Y.) claimed Republicans “played a dangerous and risky partisan game,” and added “what is needed now is a long-term solution so we don’t go through this risky drama every few months.”