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Business Maverick: Short-Term Increase in U.S. Debt Ceiling Passes Senate

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The U.S. Senate approved legislation Thursday that pulls the nation from the brink of a payment default with a short-term debt-ceiling increase, breaking a weeks-long standoff that rattled financial markets.

In a foreshadowing of the pitched battle in store in December, McConnell faced blowback from some members of his party, who said he had caved to the Democrats and others who didn’t want their fingerprints on the deal as they face possible primary challenges next year.

Senator John Thune of South Dakota, the chamber’s No. 2 Republican, said that while there was enough GOP support to let the vote on passage happen, that’s as far as it went. Congress raised the debt ceiling three times while Trump was in office, including in 2019, when it was suspended for two years. “It’s become increasingly damaging to America to have a debt ceiling,” Yellen said. “It’s led to series of politically dangerous conflicts that have caused Americans and global markets to question whether or not America is serious or not about paying its bills. It’s flirting with a self-inflicted crisis.”

 

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