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