Senate speeds up vote on debt ceiling deal to avoid US bankruptcy.

The United States is moving away from financial debacle. The Chamber of Deputies approved on Wednesday night (early Thursday morning in Spain) agreement between Joe Biden and Republican leader Kevin McCarthy raise the debt ceiling over the next two years in exchange for $2.1 trillion in public spending cuts.

The bill now goes to the Senate, which must agree on expedited approval before Monday, Limitation date set by the Ministry of Finance to avoid non-payment.

The House of Commons approved the text by an overwhelming majority. The count was 314 votes for (165 from Democrats and 149 from Republicans) i 117 against (46 progressive and 71 conservative). Two deputies from each party abstained.

The approval of the text was possible after Kevin McCarthy managed to save important obstacles within his party. Faced with the express goal of the Freedom Caucus (which includes about two dozen Radical Republicans) that the proposal be approved without achieving a “majority of the majority”, the Speaker of the House managed to get 67% of the Republican group to support the measure.

The Democratic majority in the Senate should make it easier for the bill to reach the Oval Office before Monday for Joe Biden to ratify with his signature. However, the deadlines are not yet closed. The leader of the democratic majority in the Upper House, Chuck Schumerhe argued that there was “no good reason” to move the vote closer to Monday’s deadline and risk default.

To do that, bipartisan Senate leaders must reach an agreement that allows them to speed up approval and hold a vote this Friday. If it is delayed until Saturday, it could jeopardize the country’s credit rating or accelerate the first defaults.

One of the key steps is the presentation of the amendment which would extend the time that it takes time to approve the text and force it to return to the House of Representatives for a re-vote. Several Republican senators said they could submit amendments against the wishes of Schumer, who warned that any change would be unacceptable because it would “virtually guarantee” the start of a default on the national debt.

The leader of the Republicans in the Senate, Mitch McConnell, for his part, he asked his party colleagues to support the agreement. “The vast majority of our colleagues in the Lower House voted for the agreement. In doing so, they have taken an important and urgent step in the right direction for the health of our economy.”