10/8/21 - Senate Votes To Temporarily Extend Borrowing

The Senate dodged a U.S. debt disaster Thursday night, voting to extend the government’s borrowing authority into December.

WASHINGTON —(MMLive/AP) -  The Senate's passage of the measure will temporarily avert a federal default. 

The vote of 50-48 in support of the bill to raise the government’s debt ceiling by nearly a half-trillion dollars brought relief in Washington.    However, it provides only a reprieve. Assuming the House goes along, Republican and Democratic lawmakers will still have to tackle their deep differences on the issue once more before yearend.

That debate will take place as lawmakers also work to fund the federal government for the new fiscal year and as they keep up their  battling over President Joe Biden’s top domestic priorities — an infrastructure plan with nearly $550 billion in new spending as well as a much more expansive, $3.5 trillion effort focused on health, safety net programs and the environment.

Easing the crisis at hand , the Republican Senate leader, Mitch McConnell of Kentucky, offered his support for a short-term extension of the government’s borrowing authority after leading solid GOP opposition to a longer extension. 

The GOP concession was not popular with some members of McConnell’s Republican caucus, who complained that the nation’s debt levels are unsustainable.

“I can’t vote to raise this debt ceiling, not right now, especially given the plans at play to increase spending immediately by another $3.5 trillion,” Sen. Mike Lee of Utah shortly before the vote.

And Sen. Ted Cruz of Texas said the Democrats had been on “a path to surrender” on the process used to lift the debt cap, “and then unfortunately, yesterday, Republicans blinked.”

But Sen. Lisa Murkowski of Alaska was among those voting to advance the bill.

“I’m not willing to let this train go off the cliff,” she said.

Congress has just days to act before the Oct. 18 deadline after which the Treasury Department has warned it will quickly run short of funds to handle the nation’s already accrued debt load.

The House is likely to return to approve the measure next week.