One day prior to the December 15 deadline, Congressional Democrats will move to raise the debt ceiling by $2.5T, extending the debt limit level to get the United States into 2023. On Tuesday afternoon, the bill was put forth by Senate Majority LeaderChuck Schumer and was passed by the Senate with a 50-49 vote. Following this vote, the bill has now moved to the House, where Democrats are also expected to approve it, thus sending it President Biden’s desk this evening or early Wednesday. Should this not pass, and should the debt ceiling not be increased, Treasury Secretary Janet Yellen has warned that could mark the start of the first-ever explicit U.S. default.
Source: CNBC