Senate votes to raise debt ceiling by $2.5 trillion
Senate Democrats on Tuesday took one of the final steps in averting a potential default on the country's bills, approving legislation that raises the debt limit by $2.5 trillion.
The measure passed 50-49, and came after a one-time deal was reached that gave Democrats the ability to lift the debt ceiling in a simple-majority vote. "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," Senate Majority Leader Chuck Schumer (D-N.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 about the debt limit, the federal government could run out of money to pay its bills by Dec. 15.
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Catherine Garcia is night editor for TheWeek.com. Her writing and reporting has appeared in Entertainment Weekly and EW.com, The New York Times, The Book of Jezebel, and other publications. A Southern California native, Catherine is a graduate of the University of Redlands and the Columbia University Graduate School of Journalism.
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