Senate votes to raise debt ceiling by $2.5 trillion, with House passage expected soon, which should push issue past 2022 elections
The U.S. has teetered on the precipice of a financial doomsday repeatedly this year, as Republicans have warred with Democrats over President Biden’s economic agenda. Seeking to slash his spending proposals, GOP leaders repeatedly have refused to supply their must-have support for raising the debt ceiling, imperiling Democrats in the Senate, who do not have a sizable enough majority to act on their own.
“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,” he said.
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