US Congress passes legislation to raise the debt limit by $2.5 trillion

On early Wednesday morning, legislation to raise the US government’s borrowing limit by $2.5 trillion passed 221-209 in the US House following its 50 to 49 passage in the Senate just hours before. The bill, which now heads to President Joe Biden’s desk for his signature, extends the debt ceiling and avoids the threat of default before the December 15 default deadline.

Democrats passed the measure unilaterally in an unusual agreement with Republicans, who refused to vote for a long-term increase in the debt limit in protest of Democrats’ spending legislation. The vote passed 50-49 with one Republican abstention.

Both the House and the Senate voted to increase the debt ceiling by $2.5 trillion, a figure Democrats say will allow the government to avoid default until early 2023.

What people are saying?

Jennifer Epstein Pres. Biden will tomorrow sign the bill to raise the debt limit into 2023, White House official says. A Treasury official says its cash balance is sufficient to meet projected outflows through at least Dec. 16 and Yellen will extend the debt issuance suspension period until then.

leegeanuleas – unfettered Arguing which party is responsible is utterly useless. Our debt is about 137% of GDP. That’s insane and unsustainable, and neither party has any intention of doing anything about it. We are so screwed.