Debt ceiling bill heads to the Senate, with Schumer vowing to pass it "as soon as possible"

Washington — Senate Majority Leader Chuck Schumer vowed to keep the upper chamber in session and pass the bill to suspend the debt ceiling and limit government spending "as soon as possible" to avoid a catastrophic default on the nation's debt. 

The Senate is under pressure to approve the legislation before Monday, when Treasury Secretary Janet Yellen has projected the federal government will run out of cash to pay its bills. The House passed the legislation late Wednesday in a strong bipartisan vote. 

"We will keep working until the job is done," Schumer said Thursday on the Senate floor. "Time is a luxury the Senate does not have, if we want to prevent default."