The Senate will vote on Wednesday on a Democratic-backed measure to suspend the U.S. debt ceiling, a key lawmaker said on Tuesday, as partisan brinkmanship in Congress risks an economically crippling federal credit default.
Senate Majority Leader Chuck Schumer said that senators will hold a procedural vote on the bill – opposed by Republicans – to suspend the borrowing limit through the end of 2022. Treasury Secretary Janet Yellen has told lawmakers that the government would exhaust its borrowing capabilities by about Oct. 18 if they do not act.
