Biden signs $2.5 trillion debt limit increase into law

December 16, 2021 in News by RBN Staff


Source: Twitter


President Biden signed legislation into law on Thursday that raises the US government’s borrowing limit by $2.5 trillion. The bill passed 221-209 in the US House on Wednesday following its 50 to 49 passage in the Senate just hours before. The law extends the debt ceiling and avoids the threat of default before the December 15 default deadline. Both chambers passed another bill last week that included an agreement between Democrats and Republicans, per AP, to put a provision that fast-tracked the debt limit process into an unrelated Medicare bill and, in turn, would allow passage via a simple-majority vote in the Senate.

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