Senate Votes to Extend the Nation’s Debt Limit Through December

Last night the Senate voted to extend the nation’s debt limit through early December. This news comes after Senate Majority Leader Chuck Schumer announced yesterday morning that a deal had been reached. According to an aide familiar with the negotiations, the deal is to increase the ceiling by $480 billion which is how much the Treasury Department told Congress it would need by December 3rd. On Wednesday, Senate Minority Leader Mitch McConnell publicly floated a debt ceiling proposal sparking negotiations between the two parties to reach the agreement.

Ahead of the vote last night, Senators voted to break a filibuster on the agreement to raise the debt ceiling which needed 60 votes to succeed. The votes on record were 61 to 38. Republican senators provided 11 votes. The bill will now move to the House of Representatives who will need to approve it before it is sent to President Biden’s desk for signature. According to House Majority Leader Steny Hoyer, the House will convene on Tuesday to vote for the bill.