US Senate approves Bill to raise debt ceiling ahead of looming default
US Senate approves Bill to raise debt ceiling ahead of looming default

WASHINGTON: The US Senate has adopted a bill to increase the country's borrowing ceiling by USD 2.5 trillion, just one day before Treasury Secretary Janet Yellen's deadline for lawmakers to act to avoid a default.

After Minority Leader Mitch McConnell and Majority Leader Chuck Schumer reached an agreement to allow Democrats to accept the proposal with simple-majority votes in the evenly divided house, the upper chamber voted 50-49 along party lines on Tuesday to raise the debt limit to about USD 31 trillion. Senate According to reports, the Democratic-controlled House of Representatives is likely to rapidly pass the bill, which will then be given to President Joe Biden for signature.


The bill would lift the debt ceiling by USD 2.5 trillion, which would continue until 2023 without the need for another vote, averting a partisan dispute over the debt ceiling before the 2022 midterm elections.

Janet Yellen, the US Treasury Secretary, has previously asked Congress to raise the federal government's debt ceiling by December 15 to avert a default.

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