The U.S. Senate passed bipartisan legislation backed by President Joe Biden that lifts the government’s $31.4 trillion debt ceiling, averting what would have been a historic, first-ever default. | Reuters
Before the vote, senators tore through nearly a dozen amendments – rejecting all of them – before the final vote sending the bill to Biden for signing into law before Monday’s deadline.
Biden instead pushed for tax increases on the wealthy and corporations to help address the growing debt. Republicans refused to consider any sort of tax hikes. Biden, Treasury Secretary Janet Yellen and congressional leaders all acknowledged that triggering a debt default for lack of funds would have serious ramifications. Those included sending shock waves through global financial markets, possibly triggering job losses and a recession in the United States and raising families’ interest rates on everything from home mortgages to credit card debt.A default, he said, “would almost certainly cause another recession.
Among the amendments debated were ones to force deeper spending cuts than those contained in the House-passed bill and stopping the speedy final approval of a West Virginia energy pipeline.Republican Senator Roger Marshall offered an amendment to impose new border controls as high numbers of immigrants arrive at the U.S.-Mexico border. His measure, he said, would “put an end to the culture of lawlessness at our southern border.
In response, Schumer said the spending caps in this legislation would not constrain Congress in approving additional money for emergencies, including helping Ukraine in its battle against Russia. The main argument was over spending for the next couple of years on discretionary programs such as housing, environmental protections, education and medical research that Republicans wanted to cut deeply.
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