Senate Democrats raise debt limit by $2.5 trillion, averting financial calamity
ABC News
The Senate narrowly averted financial calamity Tuesday by passing legislation that would raise the federal borrowing limit by $2.5 trillion dollars.
The Senate narrowly averted financial calamity Tuesday by passing legislation to raise the federal borrowing limit by $2.5 trillion dollars.
All Democrats voted to raise the debt limit. No Republicans joined them.
The legislation heads to the House next, where it is expected to pass. Once signed by President Joe Biden, the congressional action will have prevented a U.S. default that could have halted Social Security and veterans' payments, hiked interest on mortgages and loans and disrupted the global economy.
The Treasury Department predicted that the U.S. would be unable to pay its bills come Wednesday.
