WASHINGTON — Senate Democrats on Tuesday announced they would bring up legislation to raise the debt ceiling by $2.5 trillion, moving to stave off the threat of a first-ever federal default until at least early 2023.
All Republicans were set to oppose to the measure, which was expected to pass the 50-50 Senate along party lines later on Tuesday, sending it to the House for final passage and then to President Biden for his signature.
The swift action was planned a week after party leaders announced a deal establishing a one-time, fast-track process to increase the debt ceiling on a simple majority vote, instead of the 60 votes needed to move most legislation through the Senate.
The vote was scheduled with little time to spare before a potential default. The Treasury Department had warned that it would be unable borrow to finance the nation’s bills soon after Wednesday.