The US Senate is currently engaged in a race against time as it strives to pass a bipartisan debt limit deal that was overwhelmingly approved by the House of Representatives. This development comes as a relief, with the worst-case scenario of a potentially disastrous default now seeming to be avoided.
The Treasury had issued a warning that it could face a shortfall in funds to meet its financial obligations by Monday, leaving very little margin for delay in enacting the Fiscal Responsibility Act. This legislation aims to suspend the debt limit until 2024 while also implementing measures to curtail federal spending.
Having already secured a significant majority of 314 votes to 117 in the House, the bill is now on track to reach the White House for President Joe Biden's signature.
Speaking on the Senate floor, Democratic Majority Leader Chuck Schumer expressed determination in swiftly passing the legislation, stating, "The Senate will stay in session until we send the bill avoiding default to President Biden's desk. We will keep working until the job is done. Time is a luxury the Senate does not have if we want to prevent default."
However, the process faced potential obstacles as senators from both parties sought to introduce numerous amendments, leading to a potentially time-consuming debate that could stretch well into the weekend.
Fast-tracking the legislation in the Senate requires unanimous agreement, and any individual member has the power to prolong consideration of a bill for days.
Several senators have expressed their desire to propose amendments to the debt deal. While most have indicated that they do not intend to impede the process, they have emphasized the importance of allowing voting on their proposed changes.
Kentucky Republican Rand Paul has requested a vote on his alternative debt ceiling proposal, which calls for more stringent spending cuts. Utah's Mike Lee took to Twitter, suggesting that the Senate could still halt the deal's progress. He stated, "Long shot? Sure. But it's possible if Republicans continue to realize — as many now are — that McCarthy got played by (Biden)."
Schumer and his Republican counterpart Mitch McConnell have been working to reach an agreement on voting timelines and the procedural rules governing the process.
McConnell expressed hope that amendments, if allowed, would be expedited to facilitate completion by Thursday or Friday, providing much-needed reassurance to the country and the markets.
While Schumer did not rule out some debate on amendments, he emphasized that any successful amendment would require sending the entire bill back to the House, thereby risking default. He hinted that a 60-vote threshold for adoption would likely be imposed, making passage of the amendments highly unlikely.
Among the 51 Democrats, three have declared their intention to vote against the bill, while six Republicans have done the same. However, even with these defections, the leaders can afford to lose up to 40 votes between them and still secure passage of the measure.
House Minority Leader Kevin McCarthy regarded the House vote as a major conservative triumph, although he fell one vote short of the 150-vote threshold he had pledged to deliver. Despite this setback, he successfully managed to appease the right-wing faction and avoid an immediate threat to his leadership.
Across Pennsylvania Avenue, the House vote was hailed as a significant victory for President Biden. It enabled him to safeguard the majority of his domestic priorities from the deep cuts that had been proposed by Republicans.
