Congress sends Biden $2.5T debt limit increase, avoids default

By BRIAN SLODYSKO
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WASHINGTON (AP) – Congress passed a $2.5 trillion debt limit increase, sending legislation aimed at preventing a catastrophic default on President Joe Biden because of his signature. The series of actions, which lasted until the early hours of Wednesday morning, were only for fear of the deadline set by Finance Secretary Janet Yellen to avoid default on the national debt. The debt limit must be raised to offset the cost of spending decisions that have been made by Congress under both Republicans and Democrats. Senate Majority Leader Chuck Schumer says this is about “paying off the debt accumulated by both parties.” The bill attracted only one Republican vote in the House.