Congress Votes to Raise Debt Ceiling
The government will likely avoid default until early 2023
The House voted 221 to 209 early Wednesday morning to raise the debt limit by $2.5 trillion, meaning the government will likely avoid default until at least early 2023.
The party-line vote followed Senate action on the legislation on Tuesday. Senate passage was enabled by a deal between Senate Majority Leader Chuck Schumer (D-NY) and Senate Minority Leader Mitch McConnell (R-KY) to allow Senate Democrats to raise the debt limit by a simple majority, suspending the filibuster, on a one-time basis. The Senate vote was 50-49 with no Republicans voting in support.
“As I have said repeatedly, this is about paying debt accumulated by both parties, so I’m pleased we came together to facilitate a process that has made addressing the debt ceiling possible,” Schumer said this week. “Responsible governing has won on this exceedingly important issue. The American people can breathe easy and rest assured there will not be a default.”
While McConnell was willing to play a role in the process, he said Democrats should forced to own the “reckless tax and spending spree” that has resulted in historic inflation.
“More printing and borrowing,” McConnell said. “To set up more reckless spending. To cause more inflation. To hurt working families even more. The American people need a break.”
This article was provided to OSAP by ASAE's Power of A and Inroads.