Senate votes to raise debt ceiling by $2.5 trillion, with House passage expected soon, which should push issue past 2022 elections
The U.S. has teetered on the precipice of a financial doomsday repeatedly this year, as Republicans have warred with Democrats over President Biden’s economic agenda. Seeking to slash his spending proposals, GOP leaders repeatedly have refused to supply their must-have support for raising the debt ceiling, imperiling Democrats in the Senate, who do not have a sizable enough majority to act on their own.
“As I have said repeatedly, this is about paying debt accumulated by both parties, so I am pleased Republicans and Democrats came together to facilitate a process that has made addressing the debt ceiling possible,” he said.
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Senate poised to raise debt limit by $2.5T, avoiding defaultThe Senate was poised Tuesday to lift the nation's debt limit by $2.5 trillion under a deal struck between party leaders, defusing a volatile issue until after next year's midterm elections while saddling majority Democrats with a tough vote. The bill is expected to clear the Senate on a party-line vote that garners no Republican support, with swift passage by the House likely to follow before it then heads to President Joe Biden’s desk. For months, Republicans have used debt limit increases to sabre-rattle about Democrats' big-spending social and environmental agenda while pledging to staunchly oppose any efforts to increase in the debt limit. In striking a deal, Senate Minority Leader Mitch McConnell backtracked on his past words.
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