By Erik Wasson and Laura Litvan | December 15, 2021
The U.S. House voted early Wednesday to raise the nation’s debt ceiling by $2.5 trillion, an amount intended to extend the government’s borrowing authority past next year’s congressional elections and into early 2023.
The 221 to 209 vote sends the bill to President Joe Biden for his signature. The Senate earlier in the day approved the bill in a 50-49 vote with only Democrats in support.
The sole Republican vote in favor was cast by Representative Adam Kinzinger of Illinois, who is not seeking re-election.
The current federal debt is $28.9 trillion, and Treasury Secretary Janet Yellen had warned that the government could have difficulty meeting its obligations after Dec. 15, though outside analysts have said default could possibly be staved off into January.
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“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,” Don Beyer, a Virginia Democrat, said on the House floor.
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