A vote is expected on Friday as Senate clear procedural hurdles.
The Senate took a step toward increasing the federal government’s debt limit by voting to limit debate on the first of two necessary measures.
In doing so, they cleared the way for passage of the bill setting up a fast-track procedure. A vote could come as early as Friday and President Biden would sign the bills into law if they pass.
The House of Representatives already approved the first bill to sidestep a Senate filibuster rule and ultimately increase federal borrowing authority by a simple majority vote.
The debt bill must still insert a dollar amount for the new statutory debt limit, which is being calibrated to give the government enough borrowing authority to extend beyond the November 2022 congressional elections.
Treasury Secretary Janet Yellen has urged Congress to act by December 15.
As the Lord Leads, Pray with Us…
- For members of the Senate as they prepare to vote on increasing the federal debt ceiling.
- For God to direct the president and treasury secretary to lead the federal budget in a way that is honoring and glorifying to God.
Sources: The Hill, Wall Street Journal
