Warm Up the Printing Presses: Congress to Hike Debt Limit by $2.5 Trillion to Extend Borrowing Past Midterm Elections

Senate Democrats will vote later Tuesday to lift the nation’s debt ceiling by $2.5 trillion, which should provide federal borrowing authority “into 2023,” well beyond the midterm elections.

Majority Leader Chuck Schumer, a New York Democrat, praised the deal, which came after weeks of partisan wrangling. A vote is expected on Tuesday.

Legislative aides confirmed the new borrowing level to the Washington Examiner.

“No brinkmanship, no default on the debt, no risk of another recession,” Schumer announced. “Responsible governing has won on this exceedingly important issue. The American people can breathe easy, and rest assured there will not be a default.”

Treasury Secretary Janet Yellen warned Congress the federal government would risk defaulting on its loans by Dec. 15 unless the borrowing was raised.

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