News

Senate reaches agreement on debt ceiling expansion

The Senate has reached an agreement to extend the debt ceiling through early December. Republicans refused to suspend the debt ceiling last week because of their disapproval on how the Democrat-controlled Congress spent reconciliation funds.

Senate Democrats have attempted to change filibuster rules to quickly advance the vote with a simple majority, but Democratic Senator Joe Manchin stood firmly against the change in rules.

“I’ve been very very clear where I stand. Where I stand on the filibuster,” said Manchin.

Parties had to come to a legislative agreement on extending the debt limit. The Senate is moving toward the plan laid out earlier to spare the American people a manufactured crisis. The Senate is expected to vote on this agreement Thursday afternoon, which will raise the debt ceiling by approximately $480 billion ahead of October 18th, when the government was expected to run out of money to pay its debt.

If passed, the debt ceiling extension will last through early December, giving Senate Democrats and Republicans room to negotiate further debt funding.

Categories: News

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