House and Senate vote to increase debt ceiling by $ 2.5 trillion

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Both the House and Senate voted to raise the debt ceiling, which helped avert a first U.S. default as time is running out on the government’s ability to pay its bills. It comes after months of fighting between Democrats and Republicans to raise the debt ceiling and spending in Washington.

The bill now goes to President Biden’s office for signature.

The resolution presented to the Senate on Tuesday to increase the debt ceiling by $ 2.5 trillion was passed by parties, 50 to 49. Senate Majority Leader Charles Schumer said it would mean Congress no would not have to fight to raise the debt ceiling again until 2023 – beyond the midterm elections.

The legislation headed to the House of Representatives for a vote, which took it after midnight Wednesday after voting to hold former Trump chief of staff Mark Meadows in contempt of Congress for defying a subpoena to appear before the House committee on January 6. The final vote tally was 221-209, with a Republican vote with all Democrats.

Last week, lawmakers voted for accelerate the process of raising the debt ceiling by a simple majority vote, avoiding the threat of systematic obstruction. In the end, 14 Republicans joined each Democrat to proceed with fast-track legislation, and the final vote on this bill was 59-35.

“As I have said on several occasions, this is about paying the debt accumulated by both sides, so I am delighted that Republicans and Democrats have come together to facilitate a process that made the cap settlement possible. debt, ”Schumer said Tuesday. The New York Democrat thanked Senate Minority Leader Mitch McConnell, who “reached out in good faith across the aisle to get us to this point.”

“No brothel, no default on debt, no risk of another recession: responsible governance has won on this extremely important issue. The American people can breathe calmly and be assured that there will be no default, ”Schumer said.

Republicans have sworn over the summer that they will not help Democrats raise the debt ceiling, despite having repeatedly approached the debt ceiling with bipartisan support under the president Trump in the midst of escalating debt. A short-term deal to raise the debt limit by $ 480 billion was passed in October, extending the deadline to December.

Republicans criticized Democrats for spending billions of dollars with the US bailout in March and pushing for the nearly $ 2,000 billion Build Back Better social spending program. This law has already been passed by the House and is waiting for the Senate to act.

“Later today, every Democrat in the Senate will vote on party lines to raise our country’s debt limit by trillions of dollars,” McConnell said Tuesday before the vote. “If they run into another frenzy of taxation and reckless spending, this massive increase in debt will be just the beginning.”

Every Senate Democrat was needed to pass the legislation.

The vote to raise the debt ceiling comes just a day before the United States can no longer pay its bills. Treasury Secretary Janet Yellen said she was confident the Treasury could pay the bills until December 15, but there are scenarios where the government would not be able to pay some bills after that date. If the government defaults, she said it would be catastrophic for the economy and “gut” the recovery from the coronavirus pandemic.


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