The U.S. Senate, in an unusual procedure, cleared the way Thursday for the U.S. to lift its borrowing authority by $500 billion to $15.19 trillion, enough to keep the support federal government borrowing through late January or early February.<\/p>\n
The action came under an unusual legislative procedure spelled out under the August agreement to raise the U.S. debt ceiling and avoid a U.S. credit default. In a 52-45 vote, the Senate blocked an attempt by Republicans to slow down the process that will result in the $500 billion debt-ceiling increase.<\/p>\n
The increase stems from a deal between Congress and the White House, finalized last month, that spells out how the borrowing limit would be increased by $500 billion. Under the process, lawmakers in both the House and Senate must vote on a resolution of disapproval against the increase in the borrowing limit. President Barack Obama<\/strong> would then have to veto the resolution of disapproval, and Congress would then vote to try and override that veto.<\/p>\n The complicated procedure, designed by Senate Minority Leader Mitch McConnell<\/strong> (R., Ky.), would allow an increase of the borrowing limit while allowing most Republicans to vote against such an increase.<\/p>\n There was a twist in this scenario Thursday evening, however. Democrats held firm, rejecting the resolution of disapproval, thereby speeding the process and increasing the borrowing limit immediately.<\/p>\n Only Sen. Ben Nelson<\/strong> (D., Neb.) broke from his party to vote with the Republicans in trying to move forward with the measure.<\/p>\n The next increase in the borrowing limit, likely in the first quarter of next year, will be dependent on the ability of a panel of 12 lawmakers to reach a deal that cuts at least $1.2 trillion from federal budget deficits over the next decade.<\/p>\n