(Dec. 8) Watch live as House Speaker Nancy Pelosi holds a news conference on Capitol Hill on Wednesday, December 8, 2021, in Washington, D.C. The House passed legislation Tuesday that would create a quick process to raise the U.S. debt ceiling by a simple majority vote in the Senate, approving a procedural measure on a 222 to 212 vote. Under the terms of the bill, Democrats would receive one-time fast track authority to raise the U.S. debt ceiling, likely by an amount sufficient to cover borrowing through 2022. The vote lessens the risk of a U.S. payment default this month. The bill would also cancel automatic cuts to Medicare, farm subsidies and other programs triggered by deficit spending earlier this year. Earlier in the day Senate Majority Leader Chuck Schumer and Minority Leader Mitch McConnell announced they had reached an agreement to facilitate a debt ceiling increase. Once the bill that just cleared the House is passed by the Senate, Democrats will be permitted for one time only to add a yet-to-be-determined amount to the U.S. debt ceiling without the threat of a Republican filibuster blocking the action. After Senate passage, the House would then take up the bill, Speaker Nancy Pelosi said. “Democrats always said that we were willing to shoulder the load at 50 votes to get this done as long as it wasn’t in a convoluted or risky process, and Leader McConnell and I have achieved that,” Schumer said. Subscribe to our YouTube channel: https://bit.ly/2TwO8Gm Subscribe to our newest channel Quicktake Explained: https://bit.ly/3iERrup Bloomberg Quicktake brings you live global news and original shows spanning business, technology, politics and culture. Make sense of the stories changing your business and your world. To watch complete coverage on Bloomberg Quicktake 24/7, visit http://www.bloomberg.com/qt/live, or watch on Apple TV, Roku, Samsung Smart TV, Fire TV and Android TV on the Bloomberg app. Have a story to tell? Fill out this survey for a chance to have it featured on Bloomberg Quicktake: https://cor.us/surveys/27AF30 Connect with us on… YouTube: https://www.youtube.com/user/Bloomberg Breaking News on YouTube: https://www.youtube.com/c/BloombergQu... Twitter: https://twitter.com/quicktake Facebook: https://www.facebook.com/quicktake Instagram: https://www.instagram.com/quicktake