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Democrats Vote To Raise Debt Ceiling By $2.5T

Democrats in the Senate and House have voted to raise the federal debt ceiling by $2.5 trillion and the bill will go to President Biden’s desk for approval.

https://twitter.com/disclosetv/status/1470878230089543684

The bill passed the Senate in a 50-49 vote. The House voted 221-209 early Wednesday, just hours before the deadline set by the Treasury Department for Congress.

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Rep. Adam Kinzinger of Illinois was the only Republican to vote in favor of the increase.

The increase raises the debt ceiling to roughly $31.5 trillion and is expected to last into 2023. Treasury Secretary Janet Yellen warned that lawmakers had until Wednesday to avoid a potential default on U.S. obligations.

A rule change last week allowed the measure to bypass the usual 60-vote legislative filibuster. The Senate only needed a simple majority to pass the debt limit increase.

Senate Majority Leader Chuck Schumer, D-NY, said “This is about paying debt accumulated by both parties, so I’m pleased Republicans and Democrats came together”.

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Republicans have repeatedly insisted that Democrats should raise the debt ceiling without their help.

https://twitter.com/NorthmanTrader/status/1471150118397267974

Before the vote, Minority Leader Mitch McConnell, R-Ky, had said “Later today, every Senate Democrat is going to vote on party lines to raise our nation’s debt limit by trillions of dollars”.

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“If they jam through another reckless taxing and spending spree, this massive debt increase will just be the beginning,” McConnell added.

Donald Trump recently called McConnell a “Broken Old Crow” and said he “didn’t have the guts to play the Debt Ceiling card, which would have given the Republicans a complete victory on virtually everything”.

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