Senate will take up debt limit fast-track plan Thursday
CNN
The Senate will begin considering a bill on Thursday that would create a fast-track process allowing Democrats to raise the federal debt limit without votes from Republicans, a crucial next step as lawmakers race the clock to avert a catastrophic debt default.
A first-ever default would trigger financial disaster and Treasury Secretary Janet Yellen has warned the debt limit could be reached on December 15, leaving little time left to act. Party leaders on both sides of the aisle have made clear that default must be prevented, but Republicans have insisted that Democrats should bear the burden of raising the limit on their own.
The House took the first step to implement the fast-track plan on Tuesday by voting to pass new legislation that will set up the process. Now the action moves to the Senate.