Debt Ceiling Deal Reached
Democrats and Republicans showed today that sometimes Congress can, in fact, work together. Both sides agreed to raise the the debt ceiling until after the 2022 midterm elections, according to The Washington Post.
- How it will work. “First, Congress would pass a measure that allows Democrats to raise the debt ceiling just once using a simple majority in the Senate. At least 10 Republicans would have to support that measure for it to prevail. Then, Democrats alone could forge ahead with the actual increase to the debt ceiling, which GOP lawmakers could oppose without risking an economic crisis.”
- Bipartisanship. Senator Chuck Schumer told the Post, “feel very good about where we’re headed.” Sentor John Cornyn told the Post, “To have Democrats raise the debt ceiling and be held politically accountable for racking up more debt is my goal, and this helps us accomplish that,”