Senate votes to raise debt limit by $2.5T, avoiding default

WASHINGTON (AP) – Congress is moving to lift the nation’s debt limit by $2.5 trillion.

The Senate has approved the measure 50-49 in a party-line vote, sending the legislation to the House.

A House vote could come as early as Tuesday night, sending the measure to President Joe Biden.

The flurry of action comes just one day before 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.”