Senate GOP Blocks Bill to Raise Debt Limit, Avert Shutdown (1)

Sept. 27, 2021, 11:12 PM

Senate Republicans blocked a bill that would suspend the debt ceiling into December 2022 and keep the government operating past Sept. 30, forcing Democrats to find a new strategy to address two fast-approaching deadlines with acute economic consequences.

The 48-50 largely party-line vote fell well short of the 60 needed to advance the House-passed legislation to the floor.

“Republicans would let the country default for the first time in history,” Senate Majority Leader Chuck Schumer said after the vote. “It’s one of the most reckless, one of the most irresponsible votes I have seen taken in the Senate.”

Schumer switched ...

To read the full article log in.

Learn more about a Bloomberg Tax subscription.