Democrats vote to hike the federal debt to $31.4 trillion, send measure to Biden

Congressional Democrats passed legislation hiking the federal debt ceiling by $2.5 trillion in an all-night sprint to allow President Biden to continue borrowing money to pay for government expenditures until at least early 2023.

Senate Democrats narrowly passed the bill, 50 votes to 49, in the evenly split chamber before the Democratic House majority muscled it across the finish line early Wednesday morning. 

The bill, which Mr. Biden is expected to quickly sign, will push the national debt limit to $31.4 trillion from roughly $29 trillion.

“Responsible governing has won on this exceedingly important issue,” said Senate Majority Leader Charles E. Schumer, New York Democrat. “The American people can breathe easy and rest assured there will not be a default.”

Senate Republicans opposed the bill, arguing that because Mr. Biden was undertaking a massive “spending spree” with his roughly $1.74 trillion social welfare and climate bill, Democrats alone were responsible for making more spending possible by raising the debt limit.