Debt Limit

The U.S. Senate on Tuesday approved raising the federal government’s debt limit by $2.5 trillion to about $31.4 trillion. The bill has been sent to the House of Representatives to pass and avert unprecedented default. After a long standoff between Democrats and Republicans, 50-49 party line votes. President Joe Biden’s party has been pushing its debt limit from the current limit of $28.9 trillion level. Last week a deal between Democratic Senate Majority Leader Chuck Schumer and his Republican counterpart, Mitch McConnell has set the stage for Tuesday’s vote which has bypassed normal senate rules that had required at least 60 of the chamber’s 100 members to agree to advance most legalisation.