Congress Votes to Raise Debt Ceiling

The House voted 221 to 209 early Wednesday morning to raise the debt limit by $2.5 trillion, meaning the government will likely avoid default until at least early 2023. The party-line vote followed Senate action on the legislation on Tuesday. Senate passage was enabled by a deal between Senate Majority Leader Chuck Schumer (D-NY) and… Read more »

Senate Inches Toward Debt Limit Increase

The Senate today approved a procedural bill allowing Senate Democrats to raise the debt limit by a simple majority on a one-time basis, clearing the path for an actual debt ceiling increase by next week at the latest. After several weeks of meetings between Senate Majority Leader Chuck Schumer (D-NY) and Senate Minority Leader Mitch… Read more »

Yellen Again Warns Congress About Debt Limit

Treasury Secretary Janet Yellen warned Congress again this week that failure to raise the debt ceiling would “eviscerate” U.S. economic recovery. While Senate leaders continue to have closed-door discussions about the debt limit, Congress has until Dec. 15 before the Treasury Department runs out of resources to manage the borrowing authority of the U.S. government…. Read more »

Schumer, McConnell Meet to Discuss Debt Limit

Senate Majority Leader Chuck Schumer (D-NY) and Senate Minority Leader Mitch McConnell (R-KY) met yesterday to discuss plans to address the looming debt limit. The debt ceiling has become a politically volatile issue as Republicans blocked initial efforts to raise the debt limit through 2022 and have insisted that Democrats should own their own spending… Read more »