Congress Clears Bill to Raise Debt Ceiling by $2.5 Trillion, in Time for Treasury Dept. Deadline

Contact Your Elected Officials
The Epoch Times Header

The House voted early Wednesday to raise the debt ceiling by $2.5 trillion until 2023, just in time for the deadline set by the Treasury Department, potentially avoiding an economic crisis.

Lawmakers passed the bill, which increases the limit to close to $31 trillion, in a 221-209 vote with just one Republican, Rep. Adam Kinzinger (R-Ill.), voting yes.

The Senate had previously approved the measure in a 50-49 party-line vote late Tuesday afternoon with no GOP support after months of disagreements between Democrats and Republicans, with the latter refusing to help raise the Democrats’ “out-of-control spending spree.”

The bill now heads to President Joe Biden’s desk to be signed into law, ending months of back and forth between both parties and a potential U.S. default Treasury Secretary Janet Yellen had warned would be economically “catastrophic.

Currently, federal debt is $28.9 trillion and the latest increase to the debt ceiling is the largest in recent history. After Republicans filibustered one effort to raise the debt ceiling through normal legislative means, leaders from both parties reached a deal to temporarily extend the debt ceiling until an agreement could be reached.

Eventually, Senate Majority Leader Chuck Schumer (D-N.Y.) and Minority Leader Mitch McConnell (R-Ky.) arrived at a deal that changed Senate rules to allow Democrats to pass the measure with a simple majority rather than the 60 typically needed to overcome the filibuster.

Schumer said the increase would take borrowing into 2023, through next year’s Nov. 8 midterm elections, which will determine control of Congress.

“As I have said repeatedly, this is about paying debt accumulated by both parties, so I am pleased Republicans and Democrats came together to facilitate a process that has made addressing the debt ceiling possible. I want to thank the Republican Leader and all my Republican colleagues who reached out across the aisle in good faith to bring us to this point,” Schumer said on the floor. 

By Katabella Roberts

Read Full Article on TheEpochTimes.com

The Epoch Times
The Epoch Timeshttps://www.theepochtimes.com/
Tired of biased news? The Epoch Times is truthful, factual news that other media outlets don't report. No spin. No agenda. Just honest journalism like it used to be.

If Federal Food Assistance Programs End, Theft Begins

Many patriotic Americans well versed in American History have...

Tucker EN FUEGO: Taking Stock of MAGA, Ten Years on

Draining of the Swamp has yet to come anything close to fruition, as the creatures that populate said Swamp yet cling bitterly to power.

Tylenol’s Headache

When President Trump, RFK Jr., and Dr. Mehmet Oz called for pregnant women to avoid using acetaminophen, Tylenol got the headache.

American Restaurants Are Going Broke

U.S. restaurant bankruptcies surged to 22% in 2020 amid COVID-19 and stayed elevated at 14% last year due to Biden’s “Build Back Better” policy.

A Few Fun Alternatives to the”Gory Stuff” at Halloween

Halloween has gone off the rails with gore through the decades.  But there are ways to enjoy the "scary stuff" without giving into darker, pagan alliances.  

Emergency Funds Can’t Be Used to Keep Food Stamps Flowing: USDA

Emergency funds held by the USDA cannot be used to keep the food stamp program going if members of Congress don’t reach a funding agreement.

Democratic Unity Frays as Shutdown Drags On

A handful of legislators have crossed the aisle on reopening and worker-pay bills, testing Democratic party unity in week four of the shutdown

Federal Judge Strikes Down Biden-Era HHS Transgender Care Rule

A federal judge struck down a Biden-era rule extending federal health care anti-discrimination protections to individuals seeking transgender-related treatment.

US Sending Carrier Strike Group to Latin America, Pentagon Says

The Pentagon on Friday announced the deployment of an aircraft carrier to Latin America to target drug trafficking organizations.

Donor Gives $130 Million to Cover Shortfall in Troop Pay During Shutdown

Trump announced on Oct. 23 that an anonymous donor sent $130M to cover military pay during the ongoing government shutdown.

‘Frustration’ With Canada Led to Trump Scrapping Talks, Not Just Ontario’s Ad: US Official

President Trump cited Ontario’s TV ad as the reason for halting Canada trade talks, but officials say it stems from rising U.S. frustration with Ottawa.

Ontario to Pause Anti-Tariff Ad After Trump Terminates Trade Talks With Canada

Ontario pauses its TV ad campaign after Premier Doug Ford’s talk with PM Mark Carney, following backlash that halted U.S.-Canada trade talks.

Trump Terminates Trade Negotiations With Canada Over Anti-Tariffs Ad Featuring Reagan

President Trump is terminating all trade negotiations with Canada over a TV ad campaign sponsored by the provincial govt. of Ontario opposing U.S. tariffs.
spot_img

Related Articles

Popular Categories

MAGA Business Central