The House cleared legislation to lift the debt ceiling by $2.5 trillion, which Democrats hope will nix the issue until 2023 and spare Congress from an economic crisis ahead of the midterm elections.
The measure now heads to President Joe Biden, who is expected to sign it before the Treasury Department defaults on the nation's $29 trillion in loans.
Treasury Secretary Janet Yellen had warned that economic disruption could strike as soon as Wednesday without a debt ceiling hike, although the agency likely has enough resources on hand to avert an immediate crisis. See here for full coverage.
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