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House Clears $2.5 Trillion Debt Ceiling Boost, Sends to Biden

  • Next debt limit deadline pushed past 2022 midterm elections
  • Legislation averts risk of government default on obligations
Bloomberg business news
Senate Boosts Federal Debt Ceiling by $2.5 Trillion
Updated on

The U.S. House voted early Wednesday to raise the nation’s debt ceiling by $2.5 trillion, an amount intended to extend the government’s borrowing authority past next year’s congressional elections and into early 2023.

The 221 to 209 vote sends the bill to President Joe Biden for his signature. The Senate earlier in the day approved the bill in a 50-49 vote with only Democrats in support.