LIVE: Pelosi Holds Weekly News Conference in Washington, D.C.

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Bloomberg Quicktake: Now published this video item, entitled “LIVE: Pelosi Holds Weekly News Conference in Washington, D.C.” – below is their description.

(Dec. 8) Watch live as House Speaker Nancy Pelosi holds a news conference on Capitol Hill on Wednesday, December 8, 2021, in Washington, D.C.

The House passed legislation Tuesday that would create a quick process to raise the U.S. debt ceiling by a simple majority vote in the Senate, approving a procedural measure on a 222 to 212 vote.

Under the terms of the bill, Democrats would receive one-time fast track authority to raise the U.S. debt ceiling, likely by an amount sufficient to cover borrowing through 2022.

The vote lessens the risk of a U.S. payment default this month. The bill would also cancel automatic cuts to Medicare, farm subsidies and other programs triggered by deficit spending earlier this year.

Earlier in the day Senate Majority Leader Chuck Schumer and Minority Leader Mitch McConnell announced they had reached an agreement to facilitate a debt ceiling increase.

Once the bill that just cleared the House is passed by the Senate, Democrats will be permitted for one time only to add a yet-to-be-determined amount to the U.S. debt ceiling without the threat of a Republican filibuster blocking the action. After Senate passage, the House would then take up the bill, Speaker Nancy Pelosi said.

“Democrats always said that we were willing to shoulder the load at 50 votes to get this done as long as it wasn’t in a convoluted or risky process, and Leader McConnell and I have achieved that,” Schumer said.

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