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.
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