Senate Majority Leader Chuck Schumer, D-N.Y., announced earlier Wednesday that the Senate would "move quickly" to pass the debt limit bill later this "evening" as soon as the House finishes voting.
"Once this bill reaches the Senate, which I hope will be later this evening, the Senate will move quickly to pass the bill, send it to the president's desk, and put the awful and devastating risk of default behind us," Schumer stated, according to the Washington Examiner.
In a bipartisan manner, the Fiscal Responsibility Act of 2023, which was negotiated by President Joe Biden and House Speaker Kevin McCarthy, R-Calif., passed the House by a vote margin of 314-117. The bill, as it passed in the House, would suspend the debt limit until Jan. 1, 2025, essentially putting off the government's spending issue until the next president.
The bill would also rescind the funding of the IRS by $1.4 billion, as opposed to the $80 billion argued for by conservatives.
On Wednesday afternoon, Schumer warned that the vote on the debt ceiling bill must be error-free. But Senate leadership might have to negotiate their own agreement after receiving the bill to enable senators to vote on amendments to which they object.
"No one on either side will call this agreement perfect; no one got every single thing they wanted," Schumer said. "That's why it's a bipartisan agreement."
"Senators," he added, "should be prepared to move on this bill quickly once it is the Senate's turn to act. I cannot stress enough that we have no margin — no margin — for error."
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