Skip to Content

Congress sends Biden $2.5T debt limit hike, avoiding default

KIFI

By BRIAN SLODYSKO
Associated Press

WASHINGTON (AP) — Congress has approved a $2.5 trillion debt limit hike, sending legislation to avert a catastrophic default to President Joe Biden for his signature. The flurry of action, which stretched into Wednesday’s early morning hours, came just shy of a deadline set by Treasury Secretary Janet Yellen for avoiding a national default. 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.” The bill drew only one Republican vote in the House.

Article Topic Follows: AP National Business

Jump to comments ↓

Author Profile Photo

Associated Press

BE PART OF THE CONVERSATION

KIFI Local News 8 is committed to providing a forum for civil and constructive conversation.

Please keep your comments respectful and relevant. You can review our Community Guidelines by clicking here

If you would like to share a story idea, please submit it here.

Skip to content