House votes to raise debt ceiling, sends bill to Biden’s desk

Former Congressional Budget Office Director Doug Holtz-Eakin on the debt ceiling and the cost of Biden’s Build Back Better agenda.

The U.S. House of Representatives voted to lift the federal debt ceiling by $2.5 trillion early Wednesday and will send the bill to President Biden’s desk for final approval.

The House voted 221-209 in favor of the increase after the Senate voted to avoid a U.S. default. Rep. Adam Kinzinger, R-Ill., is the only House Republican to vote in favor of the increase. The votes followed months of discord on Capitol Hill. The Senate vote was also along party lines, 50-49.

Lawmakers expect the increase, which raises the debt ceiling to roughly $31.5 trillion, to last beyond the upcoming midterm elections and into 2023. Treasury Secretary Janet Yellen said lawmakers had until Wednesday to raise the debt ceiling or risk a potential default on U.S. obligations.

Earlier, Republicans agreed to a one-time exception to the filibuster,…

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