The United States House of Representatives has voted to raise the nation’s debt limit by a whopping $2.5 trillion following a narrow victory in the Senate, and the bill has been sent to President Joe Biden to sign.
According to The Washington Examiner, the additional funding for the government allows for excess spending ahead of the 2022 midterm elections.
The House rang in its final vote with a 221-209 vote almost entirely along party lines with one Republican, Adam Kinzinger (R-IL) voting along with Democrats to increase the national debt.
The measure was passed by the Senate along party lines, in a 49-51 vote on Tuesday before being passed to the House of Representatives. The bill is now being passed to Biden who is thought likely to sign it into law.
“Congress approved the increase on the brink of a Dec. 15 deadline set by Secretary of the Treasury Janet Yellen, who said the government would run out of money to pay incoming bills if lawmakers did not act to raise the debt ceiling,” according to the Examiner.
Republicans viciously opposed the bill in both the House and Senate calling Congressional Democrats spending reckless and saying the federal debt is causing inflation to skyrocket.
“The economy simply cannot absorb those dollars that the federal government is pushing out,” Rep. Michael Burgess, a Texas Republican, said.
“We’ve got no place to go except to create more and more inflation. And who does inflation hurt? It hurts those people at the lower end of the incomes spectrum.”
Republicans have a fair point in that department as inflation has risen a hefty 6.8% this year, which is almost 150 percent the typical average of 4% and is the fastest rate since 1982.
Conservatives in Congress are also concerned about the $2.4 trillion social welfare and green energy measure that the Congressional Budget Office estimated would add about $3 trillion to the deficit over a decade.