Congress Approves $2.5T Debt Ceiling Increase

Congress approved Wednesday legislation that would raise the debt ceiling by $2.5 trillion, stepping over nearly unanimous Republican opposition.

The legislation passed the Senate 50 to 49 along party lines Tuesday then passed the House in a 221 to 209 vote shortly after midnight on Wednesday.

Only one Republican, Rep. Adam Kinzinger, voted in favor.

The bill will now head to Biden’s desk for signature.

“The full faith and credit of the United States should never be questioned,” Speaker Nancy Pelosi said before the House vote, per the New York Times. “The health of our economy should never be threatened. The financial security of our families must never be gambled.”

Majority Leader Chuck Schumer said Tuesday that the $2.5 trillion amount would be enough to displace the threat of a default past the midterm elections next year.

“The American people can breathe easy and rest assured there will not be a default,” Schumer said in a speech on the Senate floor.