Congress has approved raising the government’s debt ceiling by $2.5 trillion. The bill will not go to Biden’s desk for signature.
Context: The new debt ceiling limit will push the next “crisis” past the November 2022 midterm elections.
The Senate voted 50-49 to approve the legislation and it was later proved by the house 221-209.
What this means: The issue took weeks of work to settle in Congress and the passage concludes the battle.
The GOP negotiated a deal that allowed Senate Democrats to raise the ceiling along party lines, temporarily suspending the typical 60 vote threshold for passage of the measure.
What people are saying:
Schumer: “No brinkmanship, no default on the debt, no risk of another recession: responsible governing has won on this exceedingly important issue. The American people can breathe easy and rest assured there will not be a default… I thank the Republican leader and my Republican colleagues who voted with us to address this issue.”
McConnell: “Later today, every Senate Democrat is going to vote on party lines to raise our nation’s debt limit by trillions of dollars.”