House and Senate pass a $2.5 trillion debt ceiling increase on Wednesday

According to Fox News the Democratic-controlled House of Representatives has voted to lift the federal debt ceiling by $2.5 trillion early Wednesday and is sending the bill to President Joe Biden’s desk for approval. 

The 221-209 vote in favor of the increase came after the also Democratic-controlled Senate who voted also along party lines, 50-49.

Rep. Adam Kinzinger, (R-Ill) was the only House Republican to vote in favor of the increase after weeks of disagreements along partly lines on Capitol Hill. 

“Lawmakers expect the increase, which raises the debt ceiling to roughly $31.5 trillion, to last beyond the upcoming midterm elections and into 2023,” Fox News reported. 

“Treasury Secretary Janet Yellen said lawmakers had until Wednesday to raise the debt ceiling or risk a potential default on U.S. obligations.”

Republicans may have set the pace for the Democratic victory, however, agreeing to allow a one-time exception to the filibuster rule that allowed Democrats to pass the massive increase with a simple majority rather than the typical 60-vote threshold. 

“This is about paying debt accumulated by both parties, so I’m pleased Republicans and Democrats came together,” Senate Majority Leader Chuck Schumer (D-NY) said on the floor ahead of the vote.

Republicans were less excited about the decision, however, beginning with Senate Minority Leader Mitch McConnell, (R-Ky), who spent weeks in negotiations with Schumer: 

“Later today, every Senate Democrat is going to vote on party lines to raise our nation’s debt limit by trillions of dollars,” McConnell said ahead of the vote. “If they jam through another reckless taxing and spending spree, this massive debt increase will just be the beginning.”