Speed Reads

crisis (almost) averted

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.