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9/28, 5:40 PM (Source: TeleTrader)
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Schumer to seek majority vote on debt limit

United States Senate Majority Leader Chuck Schumer said on Tuesday that he will ask the Senate for consent to hold a vote to increase the debt limit on a simple majority vote, rather than the 60 votes traditionally required.

Speaking to the Senate upon conclusion of the initial vote in which Republican senators voted the bill down, Schumer remarked that "Republicans would let the country default for the first time in history."

Treasury Secretary Janet Yellen warned that failure to raise the debt ceiling could lead to "a financial crisis and a calamity."

Breaking the News / IB