{"id":857815,"date":"2021-10-07T20:43:32","date_gmt":"2021-10-08T00:43:32","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=857815"},"modified":"2021-10-07T20:43:36","modified_gmt":"2021-10-08T00:43:36","slug":"congress-skirts-nationwide-economic-catastrophe-after-last-minute-agreement-to-lift-debt-ceiling","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/congress-skirts-nationwide-economic-catastrophe-after-last-minute-agreement-to-lift-debt-ceiling\/","title":{"rendered":"Congress Skirts Nationwide Economic Catastrophe After Last-Minute Agreement To Lift Debt Ceiling"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">24<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fcongress-skirts-nationwide-economic-catastrophe-after-last-minute-agreement-to-lift-debt-ceiling%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=857815&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>The Senate Thursday evening temporarily averted a debt default after passing legislation to extend the debt ceiling and cover the nation\u2019s bills until December.<\/p>\n<p>The legislation passed 50-48, a day after Democrats agreed to a <a href=\"https:\/\/dailycaller.com\/2021\/10\/06\/mitch-mcconnell-democrats-debt-ceiling-extension-default\/\" target=\"_blank\" rel=\"noopener noreferrer\">compromise<\/a> offered by Minority Leader Mitch McConnell and 11 days before the country would be unable to pay its bills according to Treasury Secretary Janet Yellen. Though Republicans remained opposed to an increase, he said, they would allow Democrats to pass a short-term extension under regular order to prevent a default, giving them more time to raise it via an expedited <a href=\"https:\/\/dailycaller.com\/2021\/09\/15\/think-im-bluffing-mitch-mcconnell-doubles-down-against-debt-ceiling-raise-government-shutdown\/\" target=\"_blank\" rel=\"noopener noreferrer\">reconciliation<\/a> process.<\/p>\n<p>\u201cWe have already made it clear we would assist in expediting the 304 reconciliation process for stand-alone debt limit legislation,\u201d McConnell said. \u201cTo protect the American people from a near-term Democrat-created crisis, we will also allow Democrats to use normal procedures to pass an emergency debt limit extension at a fixed dollar amount to cover current spending levels into December.\u201d<\/p>\n<p>Individual Senate Democrats were receptive to the agreement yesterday, and Senate Majority Leader Chuck Schumer officially announced that a <a href=\"https:\/\/dailycaller.com\/2021\/10\/07\/schumer-says-debt-ceiling-default-deal-reached\/\" target=\"_blank\" rel=\"noopener noreferrer\">deal was struck<\/a> Thursday morning. Though leadership sought to exempt the legislation from a filibuster, several Republicans senators objected, forcing a cloture vote immediately before final passage.<\/p>\n<p>McConnell, as well as Sens. John Cornyn, Lisa Murkowski, John Thune, Susan Collins, Rob Portman, Richard Shelby, John Barrasso, Shelley Moore Capito, Mike Rounds and Roy Blunt voted in favor of the legislation.<\/p>\n<p>\u201cMy main objection is that it shouldn\u2019t pass with a simple majority,\u201d Kentucky Republican Sen. Rand Paul told reporters Thursday. \u201cIt\u2019s going to need 60 votes.\u201d<\/p>\n<p>It ultimately cleared the hurdle with 61 votes, with 11 Republicans joining all Democrats in advancing it. The legislation will head to the House for approval before being sent to President Joe Biden\u2019s desk.<\/p>\n<p>While the agreement temporarily calmed fears of a default and the catastrophic economic consequences that would follow, the ceiling\u2019s new cap now likely coincides with a December deadline to fund the government for the next fiscal year. Between those and Democrats\u2019 push to pass the bipartisan infrastructure bill and their multitrillion spending package, Congress could face an extraordinarily rushed, high-stakes end of the year.&nbsp;<strong><a href=\"https:\/\/dailycaller.com\/2021\/08\/31\/congress-faces-brutal-september-high-stakes-deadlines-budget\/\" target=\"_blank\" rel=\"noopener noreferrer\">(RELATED: Inside Congress\u2019 Brutal, High-Stakes September)<\/a><\/strong><\/p>\n<div id=\"attachment_7296668\" class=\"wp-caption alignnone\" readability=\"32\">\n<p id=\"caption-attachment-7296668\" class=\"wp-caption-text\">Majority Leader Chuck Schumer arrives at the Capitol Wednesday. (Anna Moneymaker\/Getty Images)<\/p>\n<\/div>\n<p>The Senate was originally set to vote on a debt ceiling bill before any deal was brokered. But that vote, like an earlier government funding bill that also addressed the debt ceiling and a Democratic effort to pass an earlier standalone bill, was all but certain to get filibustered due to Republicans\u2019 unanimous opposition.<\/p>\n<p>\u201c[Schumer] scheduled yet another vote this afternoon which he knows will fail,\u201d McConnell said on the Senate floor Wednesday morning. \u201cThe majority has known for 3 months that show votes like this would go nowhere.\u201d <strong><a href=\"https:\/\/dailycaller.com\/2021\/10\/04\/chuck-schumer-congress-raise-debt-ceiling\/\" target=\"_blank\" rel=\"noopener noreferrer\">(RELATED: Schumer: Congress Must Raise The Debt Ceiling This Week)<\/a><\/strong><\/p>\n<p>And while the compromise was key to averting a default, as the bill now just needs go through the House and receive President Joe Biden\u2019s signature before becoming law, it also sets the stage for another grueling partisan fight in the coming weeks. Democrats must still raise the debt ceiling on their own before December, and Republicans still insist that they use reconciliation, a procedure that Democrats have so far said they will not do.<\/p>\n<p>\u201cChuck Schumer won this game of chicken,\u201d Sen. Ted Cruz said on the Senate floor prior to the vote.<\/p>\n<p>Yellen has repeatedly warned of the <a href=\"https:\/\/dailycaller.com\/2021\/10\/05\/yellen-debt-ceiling-economic-recession-senate\/\" target=\"_blank\" rel=\"noopener noreferrer\">devastating effects<\/a> a shutdown would bring, with warning Tuesday that failing to do so could tank an economy already devastated by the coronavirus pandemic.<\/p>\n<p>\u201cIt would be catastrophic to not raise the government\u2019s bills, for us to be in a position where we lacked the resources to pay the government\u2019s bills,\u201d Yellen said. \u201cI fully expect it could cause a recession as well.\u201d<\/p>\n<p><em>Colby McCoy contributed to this report.&nbsp;<\/em><\/p>\n<p>Content created by The Daily Caller News Foundation is available without charge to any eligible news publisher that can provide a large audience. For licensing opportunities of our original content, please contact <a href=\"mailto:licensing@dailycallernewsfoundation.org\">licensing@dailycallernewsfoundation.org<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Senate Thursday evening temporarily averted a debt default after passing legislation to extend the debt ceiling and cover the nation\u2019s bills until December.The legislation passed 50-48, a day after &#8230;<\/p>\n","protected":false},"author":1,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-857815","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/857815","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=857815"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/857815\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=857815"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=857815"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=857815"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}