House passes new debt ceiling plan after McConnell cuts deal with Democrats

Senate Majority Leader Chuck Schumer and Senate Minority Leader Mitch McConnell have reached an agreement to create a one-time process that would let Democrats raise the debt ceiling on their votes alone, a deal that underscores the lengths the GOP leader will go to avoid a damaging default without Republican support to increase the national borrowing limit.

The House took the first step to implement the plan on Tuesday by voting to pass new legislation that will set up the debt limit process. The final vote was 222-212. GOP Rep. Adam Kinzinger of Illinois was the only Republican to join Democrats in voting for the bill.

The measure will now need to be taken up by the Senate.

The new legislation, if advanced with 60 votes in the Senate, would create a temporary fast-track process to allow Senate Democrats to act on their own to increase the debt limit with 51 votes. The legislation outlines that Congress would have to specify the exact dollar amount of a new national debt limit -- likely north of $30 trillion. The fast-track process would expire after January 15.