Senate dodges US debt disaster, voting to extend borrowing | Business News
The GOP concession was not popular with some members of McConnell’s Republican caucus, who complained that the nation’s debt levels are unsustainable.
“I can’t vote to raise this debt ceiling, not right now, especially given the plans at play to increase spending immediately by another $3.5 trillion,” Sen. Mike Lee of Utah shortly before the vote.
And Sen. Ted Cruz of Texas said the Democrats had been on “a path to surrender” on the process used to lift the debt cap, “and then unfortunately, yesterday, Republicans blinked.”
But Sen. Lisa Murkowski of Alaska was among those voting to advance the bill.
“I’m not willing to let this train go off the cliff,” she said.
Congress has just days to act before the Oct. 18 deadline after which the Treasury Department has warned it will quickly run short of funds to handle the nation’s already accrued debt load.
The House is likely to return to approve the measure next…
