It also means the Senate retains the right of members to filibuster legislation, and 60 votes are still required to end a filibuster.
McConnell had been holding out for a Democratic promise to retain the filibuster regardless of what happens. Majority Leader Schumer rejected that. He said the filibuster will remain for now, but Democrats reserve the right to eliminate it if it is misused -- if the Republicans use it to block all or most Democratic legislation instead of negotiating a compromise on legislation.
Currently, three Democratic senators are against eliminating the filibuster -- Sen. Manchin (West Virginia), Sen. Sinema (Arizona), and Sen. Tester (Wyoming). One of those senators (Tester) has already said he could change his mind if it is used to create gridlock in the Senate, and if that happens, the other two might change also.
If all 48 Democrats and the 2 Independents (who caucus with Democrats) vote to change the rules and eliminate the filibuster, it will happen -- even if all 50 Republicans vote against that. The 51st and deciding vote would come from Vice-President Harris.
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