Congress Passes Measure to Raise Debt Ceiling Till 2023

The US Congress, Monday, approved legislation to raise the debt ceiling by $2.5 trillion, in a move that is described as preemptive to any threat of a federal default until at least 2023. The federal government has never defaulted on debt payments.

One Republican and all Democrats in the House voted to approve the debt hike, which passed in the chamber by a 221-209 vote.

In the Senate, the measure passed strictly along party lines with a final vote tally of 50-49. President Joe Biden expects to immediately sign the bill, which gained traction only after using a special pathway that allowed for a simple majority vote.

Lawmakers had to use the special pathway before the middle of January, or it could have faced a filibuster and other hurdles that would have allowed Republicans to block the measure.

“The debt limit amount has been modified 98 times since 1945, including for increases and suspensions. It was necessary to modify it once again to maintain a healthy economy, as well as our country’s reputation as a trustworthy borrower,” Texas Democratic Congressman Al Green stated.

“At stake were the livelihoods of working families, who would have had to suffer drastically higher borrowing costs for financial obligations such as mortgages, student loans, credit card bills, and car loans”, Green added.

Using the special pathway to pass the debt ceiling bill also raised questions about creating exceptions to the filibuster to push through significant voting rights legislation and President Biden’s Build Back Better bill.