Senate approves bill to fast track debt limit vote

Ylan Mui joins 'The Exchange' to report the Senate has approved a bill to fast track the debt limit. For access to live and exclusive video from CNBC subscribe to CNBC PRO:  

The House took a first step Tuesday toward preventing a possible default on U.S. debt.

The chamber passed a bill that would allow the Senate to raise the country’s borrowing limit with a simple majority vote. Lawmakers attached the provision to legislation that would prevent automatic Medicare cuts set to take place at the end of the year.

The measure will head to the Senate. It will need 10 Republican votes to pass and go to President Joe Biden’s desk.

Once the president signs the bill, the House and Senate can hold separate votes to raise the debt ceiling with a simple majority — or without Republican support. GOP leaders have said the party will not join Democrats in hiking the borrowing limit, but as part of a new strategy, Republicans also are not expected to block their counterparts from preventing a default.

Treasury Secretary Janet Yellen has estimated the U.S. will hit its debt ceiling on Dec. 15, raising the threat of a first-ever default. America’s failure to pay its obligations could ravage the global economy and stock markets.

Earlier Tuesday, Senate Minority Leader Mitch McConnell said he expects the Medicare and debt ceiling bill will have enough GOP support to get through the Senate.

He said the chamber could vote on the legislation Thursday.

» Subscribe to CNBC TV:
» Subscribe to CNBC:

Turn to CNBC TV for the latest stock market news and analysis. From market futures to live price updates CNBC is the leader in business news worldwide.

The News with Shepard Smith is CNBC’s daily news podcast providing deep, non-partisan coverage and perspective on the day’s most important stories. Available to listen by 8:30pm ET / 5:30pm PT daily beginning September 30:  
 
Connect with CNBC News Online
Get the latest news:
Follow CNBC on LinkedIn:
Follow CNBC News on Facebook:
Follow CNBC News on Twitter:
Follow CNBC News on Instagram:

 

#CNBC
#CNBCTV

By: CNBC Television
Title: Senate approves bill to fast track debt limit vote
Sourced From: www.youtube.com/watch?v=nHWS3tH4EjU

News.... browse around here

check this link right here now