Senate votes to raise debt limit by $2.5 trillion, averting default
, who warned last month that she was running out of maneuvering room to avoid the nation’s first-ever default.
Despite a seemingly straightforward name, the nation’s debt limit does little to curtail future debt. Established in 1917, it instead serves as a brake on spending decisions already approved by Congress and the White House — some from decades ago — that if left unpaid could cripple markets, send the economy into a tailspin and shake global confidence in the United States.
“This is about paying debt accumulated by both parties,” Schumer said Tuesday while hailing the agreement.angered some in his party. But it also gave him much of what he wanted: Democrats taking a politically difficult vote without Republican support, while increasing the limit by a staggering amount that is sure to appear in future attack ads.
He has railed against the deal repeatedly, calling McConnell a “broken old crow” who “didn’t have the guts to play the debt ceiling card, which would have given the Republicans a complete victory on virtually everything.”Sen. Mike Lee also criticized the intricate process Schumer and McConnell agreed to, which he warned could be used in the future to “launder” potentially unpopular votes while bypassing the Senate’s normal mode of operation.
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