US Senate races to advance $480 billion debt limit increase



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US Senate races to advance $480 billion debt limit increase

On Thursday, the US Senate had taken an epoch-making move what in effect would enable US Treasury Department to heighten up its borrowing capacity, breaking off a climacteric beak which would help avert a potentially cataclysmic US credit default on October 19, but would also have far-reaching consequences with growing likelihoods of opening up a perilous pandora’s box that could soar inflation higher while waning the bill’s materialistic impacts in a medium- to longer-term.

Nevertheless, Democratic Senate Majority Leader Chuck Schumer had managed to arrange a procedural vote as early as by Saturday in a bid to swipe away the obstacles aimed at authorizing an increase in US Treasury Department’s borrowing buff.

Nonetheless, Saturday’s vote could have settled much sooner, had all 100 members of US Senate, evenly distributed between the Republicans and Democrats, been agreed to quicken proceedings.

US Senate agrees to advance $480 billion debt limit increase

On top of that, if the bill could erase hiccups related to debt-ceiling debate, as it has been widely expected, the Senate would then vote to raise US Treasury Department’s debt ceiling ability to $28.9 trillion from an earlier $28.4 trillion.

As Schumer was clinging on hopes of faster action in US Senate, the Democratic Senate Majority Leader said late on Thursday, “We have reached agreement to extend the debt ceiling through early December and it's our hope we can get this done as soon as today”.

However, earlier there had been signs of reluctance among one or more Republicans, as Senator John Cornyn was quoted saying to the reporters that he did now know whether the resistance would yield a delay in passing the legislation.

A Senate passage to an increase in US Treasury Department’s borrowing capacity is expected to come later on Sunday.