Senate Votes 50-49 to Raise Debt Limit by $2.5 Trillion – Bill Heads to House

 

What inflation?

The US Senate on Tuesday afternoon voted 50-49 to raise the debt limit by $2.5 trillion.

Senator Lummis (R-WY) did not vote because he is currently sick and recovering in Wyoming.

The bill now heads to the Democrat-controlled House of Representatives where it is expected to pass.

Fox News reported:

The Senate voted to lift the federal debt ceiling by $2.5 trillion on Tuesday, clearing a key hurdle toward avoiding a U.S. default after months of discord on Capitol Hill. The vote was along party lines, 50-49.

Lawmakers expect the increase, which raises the debt ceiling to roughly $31.5 trillion, to last beyond the upcoming midterm elections and into 2023. Treasury Secretary Janet Yellen said lawmakers had until Wednesday to raise the debt ceiling or risk a potential default on U.S. obligations.

Earlier, Republicans agreed to a one-time exception to the filibuster, allowing the Democrats to pass the debt hike by a simple majority vote rather than meeting the 60-vote threshold.