On Thursday, the Senate passed a short-term extension of the debt limit by a 50-48 party line vote on a bill set to increase the borrowing limit by $480 billion.
According to the Treasury Department, the $480 billion is required to meet the country’s cash needs until Dec. 3. The increased debt ceiling will not allow the government to carry out new spending but does permit the Treasury Department to pay for legislation previously passed through Congress.
Minority Leader Mitch McConnell (R-Ky.) disrupted the GOP filibuster by joining Senate Democrats proposal to extend the debt limit until December.
Senate Majority Leader Chuck Schumer (D-N.Y.) took to the floor to criticize Republicans for the disruption that led to a crisis. In turn, Sen. Joe Manchin (D-W.Va.) expressed his disapproval of Schumer’s remarks by shaking his head while Schumer took the floor.
Republicans say the burden to raise the debt ceiling should rest with Democrats due to the Biden administration’s intention to pass trillions in the reconciliation bill, according to CNBC.
Meanwhile, the Biden Administration’s proposed social and climate change spending bill of $3.5 trillion has quickly been slashed by more than $1 trillion.
White House and democratic leaders instead proposed spending $2.3 trillion on social programs over a decade. According to Speaker Nancy Pelosi, Democratic leaders will likely minimize their spending efforts by reserving funding in free community college, universal prekindergarten and child tax credits to the lower-and middle-income Americans.
Speaker Pelosi mentioned earlier this week her members prefer a less-is-more approach that includes funding fewer programs for a longer duration, as reported by Politico.
Administration officials say the spending and tax slash will help Congressional leaders cozy up to the idea of approving a bill this size.
Decreasing the House Agriculture Committee’s segment of the spending bill, which provides agriculture $7.75 billion in research and infrastructure, has not been mentioned as a means of lowering the price tag.
