The GOP concession was not popular with some members of McConnell’s Republican caucus, who complained that the nation’s debt levels are unsustainable.
“I can’t vote to raise this debt ceiling, not right now, especially given the plans at play to increase spending immediately by another $3.5 trillion,” Sen. Mike Lee of Utah shortly before the vote.
And Sen. Ted Cruz of Texas said the Democrats had been on “a path to surrender” on the process used to lift the debt cap, “and then unfortunately, yesterday, Republicans blinked.”
But Sen. Lisa Murkowski of Alaska was among those voting to advance the bill.
“I’m not willing to let this train go off the cliff,” she said.
Congress has just days to act before the Oct. 18 deadline after which the Treasury Department has warned it will quickly run short of funds to handle the nation’s already accrued debt load.
The House is likely to return to approve the measure next week.
Republican leaders worked through the day to find the 10 votes they needed from their party to advance the debt limit extension to a final vote, holding a private huddle late in the afternoon. It was a long and “spirited” discussion in the room, said Sen. Josh Hawley of Missouri.
McConnell allowed for an airing of all views and ultimately told the senators he would be voting yes.
The White House signaled Biden’s support, with principal deputy press secretary Karine Jean-Pierre saying the president would sign a bill to raise the debt limit when it passed Congress. Jabbing the Republicans, she also said, “It gives us some breathing room from the catastrophic default we were approaching because of Sen. McConnell’s decision to play politics with our economy.”
Wall Street rallied modestly Thursday on news of the agreement.
The accord sets the stage for a sequel of sorts in December, when Congress will again face pressing deadlines to fund the government and raise the debt limit before heading home for the holidays.
The $480 billion increase in the debt ceiling is the level that the Treasury Department has said is needed to get safely to Dec. 3.
“I thank my Democratic colleagues for showing unity in solving this Republican-manufactured crisis,” said Senate Majority Leader Chuck Schumer of New York. “Despite immense opposition from Leader McConnell and members of his conference, our caucus held together and we have pulled our country back from the cliff’s edge that Republicans tried to push us over.”
McConnell saw it quite differently.
“The pathway our Democratic colleagues have accepted will spare the American people any near-term crisis, while definitively resolving the majority’s excuse that they lacked time to address the debt limit through (reconciliation),” McConnell said Thursday. “Now there will be no question: They’ll have plenty of time.