Senate racing to pass debt ceiling bill before deadline

Senate Majority Leader Chuck Schumer says the Senate will stay in session until the debt deal is passed.
1:47 | 06/01/23

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Transcript for Senate racing to pass debt ceiling bill before deadline
>> David: PIERRE THOMAS REPORTING FROM WASHINGTON, THANK YOU. THANK YOU. THE DEBT CEILING DRAMA ON THE THE DEBT CEILING DRAMA ON THE HILL AND OF COURSE ALL EYES ON HILL AND OF COURSE ALL EYES ON THE SENATE AT THIS HOUR, THE SENATE AT THIS HOUR, 24 HOURS AFTER THE HOUSE PASSED 24 HOURS AFTER THE HOUSE PASSED THE DEAL MADE BY PRESIDENT BIDEN THE DEAL MADE BY PRESIDENT BIDEN AND THE SPEAKER OF THE HOUSE TO AND THE SPEAKER OF THE HOUSE TO RAISE THE DEBT CEILING. RAISE THE DEBT CEILING. NOW COMES THE VOTE IN THE NOW COMES THE VOTE IN THE SENATE, RACHEL SCOTT ON THE HILL SENATE, RACHEL SCOTT ON THE HILL TONIGHT. TONIGHT. >> Reporter: TONIGHT, THE CLOCK >> Reporter: TONIGHT, THE CLOCK TICKING TO THE CATASTROPHIC TICKING TO THE CATASTROPHIC DEFAULT. DEFAULT. FOUR DAYS LEFT IN THE HOUSE FOUR DAYS LEFT IN THE HOUSE PASSING PRESIDENT BIDEN AND PASSING PRESIDENT BIDEN AND SPEAKER KEVIN MCCARTHY STEELE TO SPEAKER KEVIN MCCARTHY STEELE TO LIFT THE DEBT LIMIT OVERNIGHT. LIFT THE DEBT LIMIT OVERNIGHT. >> THE BILL IS PASSED. >> THE BILL IS PASSED. >> Reporter: THE PRESSURE IS ON >> Reporter: THE PRESSURE IS ON THE SENATE. THE SENATE. >> TIME IS A LUXURY THE SENATE >> TIME IS A LUXURY THE SENATE DOES NOT HAVE IF WE WANT TO DOES NOT HAVE IF WE WANT TO PREVENT DEFAULT. PREVENT DEFAULT. >> BUT IT WILL NOT BE EASY. >> BUT IT WILL NOT BE EASY. SOME SENATORS ARE NOT HAPPY. SOME SENATORS ARE NOT HAPPY. PUSHING FOR MORE MILITARY PUSHING FOR MORE MILITARY FUNDING. FUNDING. >> THE PEOPLE WHO NEGOTIATED >> THE PEOPLE WHO NEGOTIATED THIS. THIS. >> YOU'RE A HARD "NO" ON THIS. >> YOU'RE A HARD "NO" ON THIS. >> YEAH, I THINK SO. >> YEAH, I THINK SO. >> Reporter: PROGRESSIVE >> Reporter: PROGRESSIVE DEMOCRATS ARE NOT SOLD EITHER. DEMOCRATS ARE NOT SOLD EITHER. TAKING ISSUE WITH WORK TAKING ISSUE WITH WORK REQUIREMENTS WITH AMERICANS ON REQUIREMENTS WITH AMERICANS ON FOOD ASSISTANCE. FOOD ASSISTANCE. >> WHAT ARE YOUR MAJOR CONCERNS >> WHAT ARE YOUR MAJOR CONCERNS WITH THE DEBT CEILING BILL? WITH THE DEBT CEILING BILL? >> THE DEBT CEILING AGREEMENT >> THE DEBT CEILING AGREEMENT WILL CUT PROGRAMS FOR SOME OF WILL CUT PROGRAMS FOR SOME OF THE MOST VULNERABLE PEOPLE IN THE MOST VULNERABLE PEOPLE IN AMERICA. AMERICA. >> Reporter: THE TWO-YEAR DEAL >> Reporter: THE TWO-YEAR DEAL WOULD REDUCE THE DEFICIT BY WOULD REDUCE THE DEFICIT BY $1.5 TRILLION OVER TEN YEARS. $1.5 TRILLION OVER TEN YEARS. CLAWING BACK BILLIONS IN COVID CLAWING BACK BILLIONS IN COVID RELIEF AND END BIDEN'S FREEZE ON RELIEF AND END BIDEN'S FREEZE ON STUDENT LOAN REPAYMENTS IN STUDENT LOAN REPAYMENTS IN AUGUST. AUGUST. IT NEEDS JUST 60 VOTES TO PASS IT NEEDS JUST 60 VOTES TO PASS BUT ANY SINGLE SENATOR HAS THE BUT ANY SINGLE SENATOR HAS THE POWER TO SLOW IT ALL DOWN. POWER TO SLOW IT ALL DOWN. BUT TONIGHT, SENATORS ON BOTH BUT TONIGHT, SENATORS ON BOTH SIDES OF THE AISLE ACKNOWLEDGE SIDES OF THE AISLE ACKNOWLEDGE TIME IS RUNNING OUT AND DEFAULT TIME IS RUNNING OUT AND DEFAULT IS NOT AN OPTION. IS NOT AN OPTION. >> WE HAVE TO PASS THE BILL. >> WE HAVE TO PASS THE BILL. I WOULD HAVE TO SWALLOW HARD ON I WOULD HAVE TO SWALLOW HARD ON SOME PARTS OF IT, I'M SURE THEY SOME PARTS OF IT, I'M SURE THEY WOULD SAY THE SAME THING. WOULD SAY THE SAME THING. >> Reporter: THIS VOTE ON THE >> Reporter: THIS VOTE ON THE BILL AS EARLY AS TONIGHT, SENATE BILL AS EARLY AS TONIGHT, SENATE MAJORITY LEADER CHUCK SCHUMER MAJORITY LEADER CHUCK SCHUMER VOWING TO KEEP THE SENATE IN VOWING TO KEEP THE SENATE IN SESSION FOR AS LONG AS IT TAKES SESSION FOR AS LONG AS IT TAKES UNTIL THE BILL REACHES UNTIL THE BILL REACHES PRESIDENT BIDEN'S DESK. PRESIDENT BIDEN'S DESK. HE TRUSTS HE HAS THE SUPPORT FOR

This transcript has been automatically generated and may not be 100% accurate.

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