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The Index Today

Senate Majority Leader Chuck Schumer said on Monday evening that The U.S. Senate will vote on Tuesday to raise the federal government's $28.9 trillion limit debt limit, avoiding an unprecedented default as soon as later this month.

Schumer, a Democrat, said in a speech to the Senate, "The Senate will act tomorrow to prevent default."

Senate Republicans had insisted voting on the debt ceiling for months, searching for the link between the moves to President Joe Biden's proposed $1.75 trillion "Build Back Better" domestic spending bill that Republicans also oppose.

Democrats noted that the legislation is needed to finance substantial debt incurred during former President Donald Trump's administration, when Republicans willingly increased Washington's credit card bill by about $7.85 trillion, partly through sweeping tax cuts and spending to fight the COVID-19 pandemic. Lawmakers agreed last week to legislation that prevents the use of stalling tactics in this case, allowing the Senate to move quickly to approve raising the debt ceiling by a simple majority vote of Democrats in the chamber, Reuters news reported.

That is the legislation that Schumer is expected to deliver to the floor for a vote this coming Tuesday. The Democratic-led House of Representatives is also expected to vote for this on Tuesday, and if the bill passes both chambers as expected, Biden will sign it into law right away.

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