Debt ceiling bill heads to the Senate, with Schumer vowing to pass it “as soon as possible”

Washington — Senate Majority Chief Chuck Schumer vowed to maintain the higher chamber in session and cross the invoice to droop the debt ceiling and restrict authorities spending “as quickly as attainable” to keep away from a catastrophic default on the nation’s debt. 

The Senate is below stress to approve the laws earlier than Monday, when Treasury Secretary Janet Yellen has projected the federal authorities will run out of money to pay its payments. The Home handed the laws late Wednesday in a robust bipartisan vote. 

“We are going to hold working till the job is finished,” Schumer mentioned Thursday on the Senate flooring. “Time is a luxurious the Senate doesn’t have, if we wish to stop default.” 

Senate Minority Whip John Thune informed reporters that closing passage of the invoice may come Friday, however the precise timing relies on the variety of amendments that might be provided. 

Schumer mentioned “any unnecessary delay” or “last-minute holdups” could be a “harmful danger.” A number of senators are pushing for votes to amend varied parts of the 99-page invoice, often called the Fiscal Duty Act of 2023. The approval of any amendments would require the Home to cross the brand new model earlier than sending it to President Biden’s desk.

“Any change to this invoice that forces us to ship it again to the Home could be solely unacceptable. It could nearly assure default,” Schumer mentioned. 

Democratic Sen. Tim Kaine of Virginia is searching for to strike a provision within the debt ceiling invoice that fast-tracks building of the Mountain Valley Pipeline to hold pure fuel from West Virginia to Virginia. Republican Sen. Rand Paul of Kentucky is providing an modification with extra dramatic spending cuts.

GOP Sen. Mike Lee of Utah desires to take away a portion of the invoice that enables the Workplace of Administration and Price range to waive some restrictions on spending if doing so is required “for the supply of important companies.” 

Requested Wednesday about timing, Senate Minority Chief Mitch McConnell mentioned he hopes the holdouts conform to proceed with a closing vote earlier than the weekend if their amendments are given a vote. 

“What I hope occurs is that those that have amendments, if given votes, will yield again time in order that we are able to end this Thursday or Friday and soothe the nation and soothe the markets,” McConnell mentioned. 

Alan He contributed reporting.