McConnell & Schumer Reach Deal To Raise Debt Ceiling

The Senate will now vote on a plan to raise the nation’s debt ceiling after it passed in the House Tuesday night.

The bill would provide a one-time fast-track process for the Senate to raise the borrowing limit with a simple majority vote.

It would allow Democrats to pass the bill without facing a Republican filibuster.

The bill comes after Senate Minority Leader Mitch McConnell and Senate Majority Leader Chuck Schumer reached a deal for the one-time process.

The legislation requires Congress to specify the exact dollar amount of a new national debt limit. That limit would likely be more than $30 trillion.

The ability to raise the debt limit with a simple majority would expire after Jan. 15.