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House Passes Bill Opening Way to Quick Debt Ceiling Increase

  • Deal to allow Democrats to bypass GOP, hike limit this month
  • Bipartisan deal could allow debt increase by Dec. 15 deadline
Democrats Attempt Appeal To Moderates By Slimming Biden Tax Plan
Photographer: Stefani Reynolds/Bloomberg

The House passed legislation Tuesday that would create a quick process to raise the U.S. debt ceiling by a simple majority vote in the Senate, approving a procedural measure on a 222 to 212 vote.  

Under the terms of the bill, Democrats would receive one-time fast track authority to raise the U.S. debt ceiling, likely by an amount sufficient to cover borrowing through 2022.