Senate Set to Vote on Debt Limit Increase Today

Today, the Senate is set to vote on raising the National Debt Limit ahead of tomorrow’s deadline. Previously, Treasury Secretary Janet Yellen warned that the Debt Limit could be reached tomorrow which leaves Congress little time to resolve the issue and once the Senate takes action the House will have to approve the legislation before it’s sent to President Biden’s desk for signature. Lawmakers on both sides have made it clear that a default would spark economic disaster and needs to be avoided at all costs. Republicans have insisted Democrats should take responsibility for raising the limit and do it on their own. Last week Congress passed a legislation to fast-track the process and allow Democrats to raise the limit without the help of Republicans. The one-time process will allow Democrats to pass the bill with a majority vote. Vice President Kamala Harris could be used as a tie breaker.