Congress clears $2.5T debt limit increase, forestalling economic fallout

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Congress clears $2.5T debt limit increase, forestalling economic fallout
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The House voted 221-209 to raise the debt limit to nearly $31 trillion, sending the legislation to President Joe Biden in time to prevent an economically devastating default

The House passed a measure late Tuesday night to raise the debt limit to nearly $31 trillion, sending the legislation to President Joe Biden in time to prevent an economically devastating default.

The debt limit increase will "spare families the pain of a catastrophic default" and "uphold the full faith and credit" of the United States, Speaker Nancy Pelosi said before the final vote. Earlier Tuesday, Senate Democrats advanced the measure on their own through simple-majority votes, thanks to the bipartisan accord Minority Leader Mitch McConnell struck with Majority Leader Chuck Schumer.

The party-line vote did not sit well with every Democrat, however. Georgia Sen. Raphael Warnock said he “wrestled” with the issue over the weekend, arguing that the same filibuster-proof status should be applied to stalled voting rights legislation. He ultimately supported the debt limit hike.

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