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U.S. Senate’s Schumer to bring up House-passed bill raising debt limit as soon as next week By Reuters

by Mike Robinson

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© Reuters. FILE PHOTO: U.S. Senate Majority leader Chuck Schumer (D.NY) meets reporters after the Senate Democrats weekly policy lunch at Washington’s U.S. Capitol on September 28, 2021. REUTERS/Elizabeth Frantz

WASHINGTON (Reuters) -U.S. Senate Majority Leader Chuck Schumer said Thursday he will ask the Senate to consider a House-passed bill raising the nation’s debt limit “as early as next week.”

The Senate Republicans successfully blocked President Joe Biden’s Democrats from preventing a possible crippling U.S. default. This was due to partisan tensions in an economy that is still recovering after the COVID-19 pandemic.

Federal government funding is due to end on Thursday, and borrowing authority will expire around October 18, so the Democrats in the Senate and House of Representatives who control a narrow majority of the Senate are trying to prevent two fiscal disasters: a default and a shutdown. They also want to push Biden’s ambitious legislative agenda.

Republicans believe that Democrats must raise the debt limit themselves since they control the majority of the vote, but Democrats insist it must be done by both parties.

On Wednesday, the House approved a bill that would increase the debt limit until 2022.

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