By Cristina Marcos and Aris Folley | December 15, 2021
The House cleared legislation early Wednesday morning to raise the debt limit through next year's midterm elections, staving off an unprecedented federal default just in time for the deadline set by the Treasury Department.
The bill, which lawmakers passed 221-209, with one Republican voting yes, raises the federal debt ceiling by $2.5 trillion to increase the limit to close to $31 trillion.
Congressional leaders say the new level will allow the nation to continue to meet its financial obligations through 2022 and into 2023. The debt limit hike does not authorize new spending - a message Democrats sought to underscore during debate ahead of the vote amid attacks from Republicans.
"I want to be very clear: raising the debt ceiling is not about incurring new debts but rather enabling the federal government to keep its existing commitments. By raising the debt limit, we are meeting our existing obligations to members of the military, veterans and recipients of Medicare, Medicaid and Social Security," said Rep. Don Beyer (D-Va.), the chairman of the Joint Economic Committee.
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