U.S. Senate approves boosting debt limit to $31.4 trillion, sends to House
The U.S. Senate on Tuesday approved raising the federal government's debt limit by $2.5 trillion, to about $31.4 trillion, and forwarded the measure to the House of Representatives to avoid an unprecedented default.
The 50-49 party-line vote follows a months-long standoff between Democrats and Republicans, with the latter seeking to force President Joe Biden's party to raise the debt limit from the current $28.9 trillion level on its own, generating fodder for attack ads during the 2022 congressional elections.
A deal last week between Democratic Senate Majority Leader Chuck Schumer and his Republican counterpart, Mitch McConnell, set the stage for Tuesday's vote, bypassing normal Senate rules requiring at least 60 of the chamber's 100 members to agree on most legislation.
The Democratic-led House will also need to approve the bill before sending it to Biden for his signature. The chamber was expected to take the matter up later on Tuesday.
Schumer said the increase would take borrowing into 2023, through the Nov. 8 midterm elections that will determine control of Congress.
U.S. Treasury Secretary Janet Yellen had urged Congress to hike the debt limit before Wednesday.
Reference: Reuters
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