Congress voted to raise the debt ceiling to $2.5 trillion, avoiding default and another standoff over the borrowing limit until after the 2022 midterm elections.
J. Scott Applewhite / AP
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J. Scott Applewhite / AP
Congress voted to raise the debt ceiling to $2.5 trillion, avoiding default and another standoff over the borrowing limit until after the 2022 midterm elections.
J. Scott Applewhite / AP
Voters 221 to 209 Early Wednesday morning to raise the federal borrowing limit by $2.5 trillion, a number Democrats say will allow the government to avoid default through early 2023.
The bill, which passed almost entirely party lines, means Congress will likely avoid any major debate over the debt limit until after the 2022 midterm elections. Post-term congressional supervisors will have to determine how to deal with the problem or face the risk of federal default.
Representative Adam Kinzinger of Illinois was the only Republican to vote for the measure.
Congressional leaders avoided such a threat this year after Senate Majority Leader Chuck Schumer, DN.Y., and Senate Majority Leader Mitch McConnell, R-Ky., reach an agreement to allow for a one-time change to Senate rules. Under that deal, Republicans agreed to step aside and let Democrats pass the debt limit increase without the threat of a GOP attack.
That bill passed the Senate Tuesday afternoon, 50-49, paved the way for a House vote.
Lawmakers are in the midst of the end of the year to pass a long list of bills that have been stalled for months due to partisan squabbles. The two sides have reached an agreement on regular government funding, debt limit and a Authorization invoice for the Ministry of Defense.
Democrats also hope to pass President Joe Biden’s nearly $2 trillion Build Back Better legislation before the monthly child tax credit expires later this year.
