Despite the ‘noise’ and ‘suspense’ from the media…..
The lawmakers in the US Congress do NOT want be responible for what would happen if they don’t approve the ‘deal’ before them…..
The Senate was moving toward final passage of legislation that would suspend the nation’s debt limit and put caps on federal spending for two years, racing to clear a deal struck by President Biden and Speaker Kevin McCarthy in hopes of avoiding a catastrophic default within days.
With the federal government expected to run out of money to pay its bills on Monday, the Senate was considering a series of proposed changes to the agreement before a final vote expected later Thursday night. That would clear the measure for Mr. Biden’s signature.
Senator Chuck Schumer, Democrat of New York and the majority leader, said the Senate would remain in session until it approved the package, which also has the support of the minority leader, Mitch McConnell of Kentucky.
“America can breathe a sigh of relief because we are avoiding default,” Mr. Schumer said Thursday evening.
Here’s what to know:
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The voting began after Senate leaders cut a deal with Republican critics of the plan who had complained that it would under-fund the Pentagon, and demanded a commitment that Congress would in the future consider a separate bill to beef up military spending. By evening, the holdouts had agreed to allow the debt-limit deal to advance, clearing the way for final votes.
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Until now, the Senate has largely been sidelined during the fight over the debt ceiling. Late Wednesday night, the House passed the compromise legislation by a 314-117 vote that saw more Democrats back the bill than Republicans. Democrats had to help Mr. McCarthy bring the bill to a floor for a vote after a revolt by far-right Republicans who complained bitterly that it did not do enough to cut spending.
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The deal would suspend the $31.4 trillion borrowing limit until January 2025 and cut federal spending by $1.5 trillion over a decade, according to the Congressional Budget Office, by effectively freezing some funding that had been projected to increase next year and then limiting spending to 1 percent growth in 2025. The legislation would also impose stricter work requirements for food stamps, claw back some funding for I.R.S. enforcement and officially end Mr. Biden’s student loan repayment freeze.