Senate Approves Increase in Debt Ceiling

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from The Wall Street Journal,

Planned $2.5 trillion increase in borrowing limit should push next standoff past the midterms.

Congress passed a measure raising the government’s borrowing limit by $2.5 trillion, sending to President Biden’s desk legislation that is expected to push the next debt-ceiling standoff past the midterm elections.

The Senate voted 50-49 to approve the legislation in the afternoon, and the House later passed it 221-209. The Treasury Department, which has been taking such steps as suspending certain investments to conserve cash, has warned lawmakers that it could be unable to meet the country’s obligations as soon as Wednesday if the debt ceiling isn’t raised.

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