Senate Majority Leader Chuck Schumer said the proposed debt ceiling increase would carry borrowing through 2023, as Congress tries to finish work by Wednesday on legislation that would prevent a historical breach of the country.
The Senate will vote later Tuesday to raise the federal government’s $ 28.9 trillion debt limit and send the measure to the House of Representatives for final approval.
Schumer did not disclose the exact dollar amount to which the legal debt limit would be raised, but the Democratic senator affirmed that “the resolution on which we will vote will provide for the increase of the debt limit to a level commensurate with the funds necessary to enter into the 2023 ″
Estimates place the increase that has been discussed in the range of US $ 2 to 3 trillion, which would raise the debt ceiling to more than US $ 30 trillion.
“No risky policy, no debt default, no risk of another recession. The responsible government has won, ”Schumer said in the Senate after months of disputes between Republicans and Democrats over whether the Treasury Department will be able to make payments on a debt accumulated largely during the administration of former President Donald Trump.
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