Senate poised to raise debt limit by $2.5T, avoiding default

By BRIAN SLODYSKO
Associated Press

WASHINGTON (AP) — Congress is moving to lift the nation’s debt limit by $2.5 trillion. Tuesday’s expected vote in the Senate comes just one day before a deadline set by Treasury Secretary Janet Yellen for avoiding a national default. The bill is expected to clear the Senate on a party-line vote and then quickly pass the House before heading to President Joe Biden’s desk. The debt limit must be raised to cover the cost of spending decisions that have already been made by Congress under both Republican and Democratic majorities. Senate Majority Leader Chuck Schumer says this is about “paying debt accumulated by both parties.”