Senate passes debt ceiling bill

The Senate passed the bill to raise the debt ceiling late Thursday by a vote of 63 to 36.The Washington Post has published a list of the senators who voted in favor of it and those against. The senators who voted against are a combination of conservative Republicans and left-leaning Democrats.The bill now goes to President Biden for his signature. (See following story.)

Sen. John Hoeven, R-N.D., ranking member on the Senate Agriculture Appropriations Subcommittee, voted for the bill and said in a statement, “According to the CBO [Congressional Budget Office], this is the largest spending cut in history, reducing the deficit by $2.1 trillion. The agreement reduces future discretionary spending to 1 percent growth while also clawing back COVID funds and strengthening work requirements for food assistance programs. The agreement enacts real permitting reforms and sets clear timelines for federal reviews – two years for an Environmental Impact Statement (EIS) and one year for an Environmental Assessment (EA) – to prevent delays and reduce costs for energy and other infrastructure projects, which is why the North Dakota Petroleum Council supports this legislation. While we would have preferred more savings, this legislation is far better than a debt ceiling increase with no spending reforms that the president first demanded, and is a step in the right direction as we continue working to rein in spending and control the debt and deficit.”
President Biden will address the nation on the debt ceiling bill at 7 p.m. today.
The White House will carry the address on its YouTube channel.
Thursday evening, Biden issued a statement in which he praised the Senate for passing the measure that the House had already passed and said that he looks forward to signing it.
Biden said, “Our work is far from finished, but this agreement is a critical step forward, and a reminder of what’s possible when we act in the best interests of our country.”
Treasury Secretary Janet Yellen has said that if the ceiling on the government’s ability to borrow money were not raised, the government would not be able to pay all its bills beginning Monday, June 5.

–The Hagstrom Report