WASHINGTON, D.C. (NBC) – With just days to spare, the Senate has voted to increase the nation’s debt limit.
The deal will keep paychecks for the military and social security benefits flowing for at least the next two months.
Senate Republicans dropped their blockade of raising the debt limit, setting the stage for another contentious fight in less than two months.
Senate Majority Leader Chuck Schumer (D-NY) said, “Republicans played a dangerous and risky partisan game, and I am glad that their brinkmanship did not work.”
The bill would raise the debt limit by $480 billion, enough to keep the country’s bills paid until early December.
Some Republicans are upset with the deal, hoping to use the debt limit fight to slow down President Biden’s future spending plans.
Senator Ted Cruz (R-TX) said, “Unfortunately yesterday Republicans blinked. I think that was a mistake. I think that was the wrong decision.”
Congressional Democrats now turn their attention back to passing a bipartisan infrastructure bill and a much bigger spending bill with money to fight climate change and fund new social programs.
President Biden will speak Friday after the September jobs numbers come out.
Economists predict a slight drop in the unemployment rate with weekly jobless claims down since last week. The White House hopes positive news can help jump start their agenda.
The House, originally scheduled to be out of session next week, will vote Tuesday on the debt limit increase.
President Biden could sign it that night, less than a week before the default deadline.