Congress is at an impasse on the debt limit. Here are 5 ways it could end.

has passed a bill to extend the borrowing limit through December 2022, but that bill faces a logjam in the Senate ahead of an expected procedural vote Wednesday.

Republicans say Democrats should instead use a complicated budget process to raise the debt limit and enable the U.S. to pay its bills, which can be done without Republican support. Democrats say no. But just one senator can object and force a"cloture" vote, and Sen. Ted Cruz, R-Texas, told NBC News on Tuesday he would do so. It would then take 60 votes to overcome that. That means a minimum of 10 Republicans — and for now, there are no takers.

"If Republicans don't get out of the way and let the Senate take action now, our government will in all likelihood enter default for the first time ever," he said.This remains an option for Democrats. But it'd be more time-consuming. They'd have to revise the budget resolution for their multitrillion-dollar economic package, hold a"vote-a-rama" to allow Senate amendments and pass the same measure in both chambers before they can write a debt limit bill.

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Congress faces 3 major economic deadlines before the year ends: Debt limit, infrastructure and government fundingLawmakers aim to raise the debt ceiling and pass both pieces of Biden's economic agenda this month, then avoid a shutdown by December.
Source: CNBC - 🏆 12. / 72 Read more »

Factbox: How could U.S. Senate Democrats raise the debt limit on their own?The U.S. Congress has about two weeks to raise the federal government's $28.4 trillion debt ceiling or cause a historic default that would take a heavy toll on the economy. You mean the same Democrats who blocked for 4 years, then reversed every legislation the previous government did as soon as getting into Office? Set a good precedent didn't they. Do they think everyone has forgotten?
Source: Reuters - 🏆 2. / 97 Read more »