Senate Republicans Join Democrats to Pass $480B Debt Ceiling Hike

Senate Republicans Join Democrats to Pass $480B Debt Ceiling Hike

Senate Republicans, Join Democrats, to Pass $480B Debt Ceiling Hike.

Late on October 7, senators voted to approve a short-term increase to the federal debt ceiling.

Fox News reports that the decision is likely to have averted a default that could have triggered a recession.

The $480 billion debt limit increase was passed by a majority vote of 50-48.

11 Republican lawmakers joined Democrats to clear the 60-vote filibuster threshold.

11 Republican lawmakers joined Democrats to clear the 60-vote filibuster threshold.

Among the 11 Republicans who voted to allow the measure to proceed were Senate Minority Leader Mitch McConnell and Minority Whip John Thune.

Among the 11 Republicans who voted to allow the measure to proceed were Senate Minority Leader Mitch McConnell and Minority Whip John Thune.

The bill now heads to the House, where lawmakers are expected to vote on it as early as next week.

According to Fox News, the $480 billion increase is at least enough to fund the government through early December.

Majority Leader Chuck Schumer said the successful vote , "avoided a first-ever, Republican-manufactured default on the national debt.".

Schumer said he would continue to work toward passing President Biden's infrastructure and social spending bills.

With America honoring its full faith and credit: Senate Democrats are continuing our work to Build Back Better, help people and families, fight climate change, create the good-paying jobs of tomorrow, and rekindle that optimism that has long been the core of America's identity, Chuck Schumer, Senate Majority Leader, via Twitter