The Senate moved on Tuesday to pass legislation to increase the limit in a vote that fell along party lines with a final tally of 50 to 49. The House voted 221-209 in the early hours of Wednesday morning to approve the bill, which now must be signed by President Joe Biden. GOP Rep. Adam Kinzinger was the lone member to break ranks and voted with Democrats.
Senate Majority Leader Chuck Schumer said earlier on Tuesday that the Senate would vote to raise the debt ceiling to a level that will extend the limit into 2023.
It had been expected that Democrats would raise the limit by an amount sufficient to ensure that the issue will not need to be addressed again until after the 2022 midterm elections.
The newly created and temporary one-time process that lawmakers approved allowed Senate Democrats to take up and pass a bill to increase the debt limit by a specific dollar amount and a simple majority vote.
This story and headline have been updated with additional developments Wednesday.
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