Eleven Senate Republicans Vote "Yes" to Raise the Debt Limit

by Wall Street Rebel | Michael London | 10/08/2021 11:04 AM
Eleven Senate Republicans Vote

Following weeks of preaching to their members that Democrats should go it alone, Republican leaders initially struggled to collect the necessary 10 Republican votes to break the filibuster in the Senate. They eventually succeeded.

 

A temporary increase in the debt ceiling of $480 billion until December 3 was approved by Congress on Thursday night after weeks of political gamesmanship by both parties.

The procedural motion to break the Republican filibuster, which needed 60 votes, was the first barrier to be overcome, with a final vote tally of 61 to 38 in favor.

To go on to a final vote, at least 10 Republicans needed to vote in unison with all Democrats; eventually, 11 Republicans voted to advance the vote to the final round.

Democrats then passed legislation to increase the debt ceiling by a simple majority — 50 to 48.

There was not a single Republican vote in support of raising the debt limit with Democrats.

Before the debt increase can be signed into law by President Joe Biden, it must first pass through the House of Representatives.

Nancy Pelosi, the Speaker of the House of Representatives, indicated in a letter sent Thursday night that the House may have to return from vacation early in order to vote on debt-limit legislation.

The House was scheduled to return on October 19—one day after Federal Reserve Chair Janet Yellen warned legislators that the United States would default—thus it is probable that they will have to return sometime next week.

Following weeks of preaching to members that Democrats should go it alone, Republican leaders initially struggled to muster 10 Republican votes to break the filibuster in the Senate.

However, 11 Republicans voted in favor of moving the debt limit vote forward to next week.

Senators Mitch McConnell of Kentucky, Alabama Senator Richard Shelby, Alaska Senator Lisa Murkowski, Maine Senator Susan Collins, Missouri Senator Roy Blunt, Ohio Senator Rob Portman, South Dakota Senator John Thune, South Dakota Senator Mike Rounds, Texas Senator John Cornyn, West Virginia Senator Shelly Moore Capito, and Wyoming Senator John Barrasso were among those who spoke at the event.

Cornyn was the first member of the Republican conference to cast a yes vote, and after a lengthy pause, he gave the clerk a strong thumbs-up, signifying his approval.

Following weeks of preaching to members that Democrats should go it alone, Republican leaders initially struggled to muster 10 Republican votes to break the filibuster in the Senate.

However, 11 Republicans voted in favor of moving the debt limit vote forward to next week.

Senators Mitch McConnell of Kentucky, Alabama Senator Richard Shelby, Alaska Senator Lisa Murkowski, Maine Senator Susan Collins, Missouri Senator Roy Blunt, Ohio Senator Rob Portman, South Dakota Senator John Thune, South Dakota Senator Mike Rounds, Texas Senator John Cornyn, West Virginia Senator Shelly Moore Capito, and Wyoming Senator John Barrasso were among those who spoke at the event.

Cornyn was the first member of the Republican conference to cast a yes vote, and after a lengthy pause, he gave the clerk a strong thumbs-up signifying his approval.

Within minutes, McConnell appeared on the Senate floor, marking an unusually early appearance for the minority leader, who typically does not vote until later in the voting session.

However, it was obvious that he was making his presence felt on Thursday.

McConnell walked straight down the middle aisle of the chamber, and instead of flashing a thumbs up, he yelled an emphatic and enthusiastic "yes" to the assembled members.

Earlier in the day, Senate Majority Leader Chuck Schumer said that Democrats and Republicans had struck a deal to prevent the United States from defaulting on its debt for the first time in its history.

alluding to a Senate vote, Schumer stated Thursday morning, "We have achieved an agreement to raise the debt limit until early December, and it is our goal that we can get this done as soon as today."

Following Schumer's lead, McConnell acknowledged that a vote on the agreement was on the horizon — with the Republican leader taking credit for rescuing the American people from default and the Democrats from themselves.

Mr. Obama said that "the Senate is going forward with the approach I set out last night in order to save the American people from a manufactured catastrophe."

Despite the fact that Congress agreed to increase the debt limit by $480 billion, the Treasury Department still does not have the borrowing power it believes it will need to carry the country through to December 3.

There is a little more than a week left until Oct. 18, when Treasury Secretary Janet Yellen has said the United States would no longer be able to pay its obligations. The Senate agreement comes only days before that deadline.

The temporary government financing bill, which is required to keep the government operating until December 3, will expire on that day.

The agreement comes at a time when Democrats are still attempting to approve Vice President Joe Biden's comprehensive domestic policy agenda, setting the stage for a hectic next two months.

Several Republicans have privately voiced their dissatisfaction with McConnell, having listened to Republican rhetoric for weeks that Democrats would be forced to increase the debt limit on their own.

When the United States defaults on its debt, the real-world repercussions may include delays in Social Security payments and checks to military members, a suspension of veterans' benefits, and an increase in interest rates on credit cards, auto loans, and home loans.

Following White House press secretary Jen Psaki's tepid response to McConnell's offerings on Wednesday, the White House seemed more open on Thursday, now that Democrats on the Hill had indicated their support for McConnell's proposals.

"This is a positive step forward, the debt ceiling, a short-term deal that we're seeing, and it gives us some breathing room from the catastrophic default that we were on the verge of experiencing because of Senator McConnell's decision to play politics with our economy," said Karine Jean-Pierre, the White House's deputy press secretary, to reporters.

Pressed for an explanation of the shift in the tone she said, "This is a short reprieve, but we aren't going to back down until Senator McConnell stops blocking and enables us to put this behind us for real."

Given the fact that Democrats will have more time to navigate the complicated process now, Jean-Pierre would not say whether the White House would support them in starting the budget reconciliation process for a longer-term debt ceiling fix. However, it is clear that a longer-term solution will be required.

"We'll defer to them on the process. But as the agreement shows there's no, there's nothing stopping Congress from addressing the debt limit, through regular order, which is what we have been asking for," she said of congressional Democrats,

 

           'Unfortunately Yesterday Republicans Blinked': Ted Cruz Decries McConnell's Debt Ceiling Move

 

 

 

[Strategic Investment: The Post WWII World Order is About to Collapse]

 

 

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