Senate Majority Leader Chuck Schumer (D-N.Y.) vowed on June 1 to keep the upper chamber in session so that debt ceiling legislation can be approved “as soon as possible.”
“We will keep working until the job is done,” Schumer told senators. “Time is a luxury the Senate does not have.”
The job is to vote on the Fiscal Responsibility Act, which cleared the House with an overwhelming bipartisan vote on May 31.
The measure suspends the debt ceiling until Jan. 1, 2025, cuts nondefense discretionary spending slightly in 2024, and limits discretionary spending growth to 1 percent in 2025.
The bill also contains permitting reforms for oil and gas drilling, changes to work requirements for some social welfare programs, and clawbacks of $20 billion in IRS funding and $30 billion in unspent COVID-19 relief funds.
Proposed Changes
Sen. Rand Paul (R-Ky.) intends to introduce an amendment that would increase the debt limit by $500 billion rather than suspending it. The amendment would also impose cuts to discretionary federal spending totaling $1.2 trillion over five years.
Paul told The Epoch Times that he expects to get a vote on his amendment, although the prospect of passage is slim.
“I think it’s unlikely to get enough votes to pass because there aren’t enough conservatives in the Senate,” Paul said.
Nevertheless, he is offering the amendment because he believes it represents the will of the people.
“I think the majority of people in the United States, as evidenced by multiple polls, would like to have significant fiscal reform before raising the debt ceiling,” Paul said.
Sen. Tim Kaine (D-Va.) is offering an amendment to remove provisions for the completion of the Mountain Valley Pipeline from the bill. The pipeline is projected to reach 303 miles in length, connecting sites in West Virginia and Virginia. It has been opposed by citizens’ groups and environmentalists.
Sen. Mark Warner (D-Va.) is on record for opposing the pipeline but has said that provision won’t stop him from supporting the Fiscal Responsibility Act. Sen. Joe Manchin (D-W.Va.) favors the pipeline.
Kaine says the bill is a “classic compromise” and he’s happy with it other than the inclusion of the pipeline, he told The Epoch Times. Asked whether he would vote for the bill, Kaine said: “I’ve got to get my amendment. That’s all I’m saying.”
Sens. Mike Braun (R-Ind.), Mike Lee (R-Utah), and Lindsey Graham (R-S.C.) also have offered amendments, although it’s unlikely they will be brought to the floor, given the time constraints.
A vote is expected within the next few days in order to move the legislation to President Joe Biden’s desk ahead of June 5. That’s when the government would default on its financial obligations if the debt ceiling isn’t altered, Treasury Secretary Janet Yellen has warned.
“There’s more drama here than usual but sadly, the play is going to end the same way: the big spenders in both parties getting together to increase the size of the federal government,” Braun wrote on Twitter on May 31.
As of press time, no cloture motion had been filed. If approved by at least 60 votes, that would limit the debate on the bill to 30 hours.
