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Senate votes to raise debt ceiling to $2.5 trillion

Senate Democrats on Tuesday took one of the final steps to avert a potential default on the country’s bills, approved legislation increased the debt limit to $2.5 trillion.

The bill passed 50-49 and comes after a one-time deal that gives Democrats the ability to raise the debt ceiling in a simple majority vote. “As I’ve said many times, this is a payoff for both sides, so I’m delighted Republicans and Democrats have teamed up to facilitate a process that helps resolve the ceiling. viable debt,” Senate Majority Leader Chuck Schumer (DN.Y.) said Tuesday.

The House could vote on the bill as early as Tuesday night, sending it to President Biden’s desk. Earlier this month, Treasury Secretary Janet Yellen warned Congress that if something wasn’t done on the debt limit, the federal government could run out of money to pay its bills by December 15.

https://theweek.com/politics/1008083/senate-votes-to-raise-debt-ceiling-by-25-trillion Senate votes to raise debt ceiling to $2.5 trillion

DevanCole

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