The House of Representatives has now officially voted to raise the US debt limit on Wednesday, averting a potentially disastrous government shutdown.
The House voted to raise the ceiling by $2.5 Trillion dollars by a measure of 221 to 209 mostly along party lines. The only Republican to vote in favor of the measure was Rep. Adam Kinzinger. The Senate voted in favor of the measure by a measure of 50-49.
The increase is expected to last beyond the midterm elections and well into 2023.
Why it Matters: Treasury Secretary Janet Yellen stated previously that the Congress had until Wednesday to raise the debt ceiling or risk facing a potentially catastrophic default on US debt.
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