|
Party leaders did not say by how much they would lift the limit,
but observers expected a hike of $2 trillion to $3 trillion to
meet the federal government's needs through the Nov. 8 midterm
elections next year that will determine control of Congress.
The increase is needed in part to cover debt incurred during
Republican Donald Trump's presidency, when the debt rose by
about $7.85 trillion, partly through sweeping tax cuts and
spending to fight the COVID-19 pandemic.
Republicans have tried to link the vote to Democratic President
Joe Biden's $1.75 trillion "Build Back Better" bill to bolster
the social safety net and fight climate change.
That fight and another self-created crisis, passing a bill to
continue to fund the government through February, occupied much
of Congress' December, and members in both chambers are now
eager to begin lengthy holiday breaks.
The Senate is due to vote first, possibly passing it with only
Democratic votes under the terms of a deal worked out last week
between the two parties' leaders in the chamber. After that, the
Democratic-controlled House of Representatives will vote on the
bill, sending it to Biden for his signature.
U.S. Treasury Secretary Janet Yellen had urged Congress to hike
the debt limit before Wednesday.
Votes to lift the country's debt ceiling have taken place on a
regular basis since World War One. But some lawmakers in recent
years have grown squeamish at such legislation, fearing voter
backlash.
(Reporting by Makini Brice; Editing by Scott Malone and Peter
Cooney)
[© 2021 Thomson Reuters. All rights
reserved.] Copyright 2021 Reuters. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
Thompson Reuters is solely responsible for this content.
|
|
