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

Congress averted a catastrophic debt default early Wednesday morning after Democratic majorities in both chambers voted to send a $2.5 trillion increase in the nation’s borrowing authority to President Joe Biden over lockstep Republican opposition.

Capping a marathon day, the House gave final approval to the legislation early Wednesday morning on a near-party-line 221-209 vote, defusing a volatile issue until after the 2022 midterm elections. The action came just hours shy of a deadline set by Treasury Secretary Janet Yellen, who warned last month that she was running out of...