Senate Averts US Debt Crisis For Now.
WASHINGTON – In a move to save the country from economic catastrophe, the Senate on Thursday night finally approved a plan to raise the debt ceiling.
Congress had until October 18 to resolve the looming financial crisis. With a credit rating downgrade looming and time is running out, a 50-48 vote along partisan lines raised the debt ceiling by nearly half a trillion dollars.
However, the agreement that is now moving to the House is a short-term solution and is scheduled to expire in early December.
After previously blocking the plan, 11 Republicans rallied to allow a vote. But ultimately, none of them endorsed the blanket agreement.
Missouri Republican Senator Josh Hawley explained his vote by saying, “I don’t want to spend money on social benefits for illegal aliens, I don’t want to spend money on small business tax increases.”
But Democrats say the money has already been spent and blamed Republicans for approving expenditures that must now be paid.
After the vote, Senate Majority Leader Chuck Schumer criticized Republicans for refusing to help.
“The Republicans played a dangerous and risky partisan game and I am glad that their risky attitude did not work out,” said the New York senator.
The short-term solution now heads to the Democratic-controlled House where it will surely pass. Upon completion, the Treasury Department will still be able to pay your bills, which include Social Security benefits and paychecks from military troops.
“What we need now is a long-term solution,” added Schumer.
He asks Republicans to come back to the table to pass a broader plan by December.