Tuesday's vote comes just one day before Treasury Secretary Janet Yellen warned that the U.S. would hit its current debt limit and face a potentially catastrophic default.
announced Tuesday that the chamber would open a vote to increase the limit by $2.5 trillion, an amount that is expected to last into 2023. That means that Democrats will be able to make it through next year's crucial midterm elections before being forced to raise the debt ceiling again.
Tuesday's vote began with an afternoon debate in the chamber, and the measure is expected to be passed by later that evening.– voted for a framework that would allow them to lift the debt limit through a simple majority vote.have argued that Democrats should take full responsibility for the effort. This new deal means that Democrats will be able to pass the resolution on Tuesday without requiring any Republicans votes.
"Last week, we advanced bipartisan legislation that will enable this chamber to address the debt ceiling on a fast-track basis. For the information of all, the Senate will act tomorrow to prevent default," Schumer said in a statement on Monday. Senate Majority Leader Chuck Schumer arrives to the U.S. Capitol Building on December 13, 2021 in Washington, DC, as lawmakers meet to discuss raising the U.S. debt limit to avoid a default.Once it is passed in the Senate, the measure will be sent to the House of Representatives, where Democrats are expected to clear the legislation for PresidentBiden could then sign the measure as early as Tuesday night or Wednesday morning, narrowly avoiding the default.