Free Trial

Schumer: Senate Will Hold Procedural Vote On Debt Ceiling Bill Tomorrow

US

Senate majority leader Chuck Schumer (D-NY) confirms that the Senate will hold a procedural vote tomorrow on suspending the debt ceiling. Schumer says the vote will give GOP senators the chance to bring the "Republican-manufactured debt ceiling crisis to a swift end"

  • Schumer: "Tomorrow's vote is simply a cloture vote. It is not a vote to raise the debt ceiling. It's rather a procedural step to let Democrats raise the debt ceiling on our own, just as Republicans have called for."
  • Schumer: "Democrats are going to do the responsible thing and vote yes to prevent default. There's still time for Republicans to get out of the way,". Schumer: "Its not too late, but it's dangerously close"
  • Schumer on USD3.5trn infra package: "Last night, I held another round of extensive talks with top officials from the White House, the Speaker and with my Senate colleagues. We made good progress and we continue our talks later this week...We're going to work at this every day until we can get it done."
  • Important to note that despite Schumer's rhetoric demanding GOP don't hinder debt ceiling vote, Senate Republicans remain in a strong position to block a normal procedural vote by voting against cloture. Reconciliation would avoid this (as only 50 votes, not 60 needed), but Schumer says this process is "drawn out, convoluted and risky".

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.