Congress passed a measure raising the government’s borrowing limit by $2.5 trillion, sending to President Biden’s desk legislation that is expected to push the next debt-ceiling standoff past the midterm elections
the government’s borrowing limit
Final passage of the debt ceiling increase through Congress concludes weeks of work on the issue. In an effort to keep their political distance from the ceiling increase, Republicans negotiated an agreement allowing Senate Democrats to raise the borrowing limit along party lines, instead of with the 60 votes typically needed to advance legislation in the Senate.
As lawmakers prepare for another hike in the debt ceiling, WSJ's Greg Ip explains why it’s economically feasible for the U.S. to keep borrowing, as long as interest rates stay low. The legislative legerdemain needed to craft the multistep procedural agreement and raise the debt limit this year is a sign of the difficulty lawmakers may face on the issue in 2023.
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