House, Senate OK Measure to Raise Borrowing Limit by $2.5T

1 min read

Congress prevented a debt default by approving a measure that would increase the debt ceiling by $2.5 trillion, CNBC reported Wednesday. The House voted 221-209 early Wednesday to pass the measure.

The lower chamber’s decision came hours after the Senate approved the bill in a 50-49 vote. Senate leadership reached a deal on the debt ceiling, allowing lawmakers to raise the borrowing limit without requiring 60 votes to clear a filibuster, according to a report by Vox.

Senate Majority Leader Chuck Schumer, D-N.Y., said the legislation will raise the borrowing cap “to a level commensurate with funding necessary to get into 2023.”

Increasing the debt ceiling will allow the Department of the Treasury to continue to pay off the government’s bills.

ExecutiveGov Logo

Sign Up Now! Executive Gov provides you with Free Daily Updates and News Briefings about Industry News

The Ultimate Guide to Winning Government Contracts Let us show you how top executives are winning so you can replicate it