Lawmakers Vote to Raise Debt Limit by $2.5 Trillion and Extend Into 2023

Congress voted to increase the debt limit yesterday ahead of today’s deadline. Lawmakers passed legislation to increase the limit by $2.5 trillion and extend it into 2023 with a tally of 50 to 49 in the Senate. The House also voted 221-209 early this morning to approve the bill which is awaiting signature by President Biden. GOP Representative Adam Kinzinger was the only member to break ranks and vote with Democrats. Previously, Treasury Secretary Janet Yellen warned that the limit could be reached by today leaving Congress little time to solve the issue which could have led to the first-ever default and an economic disaster but leaders on both sides of the aisle were clear that it had to be prevented.