June 1, 2023

WASHINGTON — Senate Majority Leader Chuck Schumer will attempt to fast-track a bill through the Senate Thursday to raise the debt limit for two years and cap government spending, as the U.S. barrels towards a June 5 deadline to avert a debt default.

“The Senate will stay in session until we send a bill avoiding default to President Biden’s desk, we will keep working until the job is done,” Schumer, D-N.Y., said on the Senate floor at the opening of Thursday’s session. “Time is a luxury the Senate does not have if we want to prevent a default.”

The Fiscal Responsibility Act was passed in the Republican majority House late Wednesday night by an overwhelming bipartisan majority, sending it to the Democratic controlled Senate, which met Thursday and planned to take up the bill.

Read more:

https://www.cnbc.com/2023/06/01/debt-ceiling-bill-updates.html