|Senate Majority leader Harry Reid has a message for America|
The action came under an unusual legislative procedure spelled out under the August agreement to raise the U.S. debt ceiling and avoid a U.S. credit default.
In a 52-45 vote, the Senate blocked an attempt by Republicans to slow down the process that will result in the $500 billion debt-ceiling increase.
This was essentially a straight party vote... with only one Democrat, Sen. Ben Nelson, D-NE, breaking ranks with his party to vote with the Republicans in trying to move forward with the measure.
The increase stems from a deal between Congress and the White House, finalized last month, that spells out how the borrowing limit would be increased by $500 billion. Under the process, lawmakers in both the House and Senate must vote on a resolution of disapproval against the increase in the borrowing limit. President Barack Obama would then have to veto the resolution of disapproval, and Congress would then vote to try and override that veto.
|President Obama wants to spend even more|
There was a twist in this scenario Thursday evening, however. Democrats held firm, rejecting the resolution of disapproval, thereby speeding the process and increasing the borrowing limit immediately.
The next increase in the borrowing limit, likely in the first quarter of next year, will be dependent on the ability of a panel of 12 lawmakers to reach a deal that cuts at least $1.2 trillion from federal budget deficits over the next decade.