Schumer Vows to Pass Debt Ceiling Bill “As Soon As Possible” to Avoid Catastrophic Default on U.S. Debt

Washington D.C. – Senate Majority Leader Chuck Schumer has vowed to pass the bill to suspend the debt ceiling and limit government spending “as soon as possible” in order to avoid a catastrophic default on the nation’s debt. Senate Minority Whip John Thune told reporters that final passage of the bill could come Friday, but the exact timing depends on the agreement of amendment votes.

The Senate is working to pass the debt ceiling deal negotiated by President Joe Biden and House Speaker Kevin McCarthy by the end of the week. Senate leaders are working to get an agreement on amendment votes, allowing senators who oppose parts of the debt ceiling bill to get their colleagues on board.

The Senate needs to pass the debt ceiling bill and send it to Biden’s desk for his signature by Monday to avoid a U.S. default, according to the Treasury Department. There is an effort underway to pass the bill as soon as Thursday night, multiple sources said, but Senate Minority Whip John Thune, R-S.D., cautioned that Friday is more likely.

The Senate is under pressure to approve the legislation before Monday, when Treasury Secretary Janet Yellen has projected the federal government will run out of cash to pay its bills. Schumer has promised to keep the upper chamber in session until the bill is passed.

The debt ceiling bill is a crucial piece of legislation that will help the United States avoid a default on its debt. It is essential that the Senate pass the bill before Monday in order to prevent a catastrophic economic crisis.