The House voted early Wednesday to raise the debt ceiling by $2.5 trillion until 2023, just in time for the deadline set by the Treasury Department, potentially avoiding an economic crisis. Lawmakers passed the bill, which increases the limit to close to $31 trillion, in a 221-209 vote with just one Republican, Rep. Adam Kinzinger (R-Ill.), voting yes. The Senate had previously approved the measure in a 50-49 party-line vote late Tuesday afternoon with no GOP support after months of disagreements between Democrats and Republicans, with the latter refusing to help raise the Democrats’ “out-of-control spending spree.” The bill now heads to President Joe Biden’s desk to be signed into law, ending months of back and forth between both parties and a potential U.S. default Treasury Secretary Janet Yellen had warned would be economically “catastrophic.” Currently, federal debt is $28.9 trillion and the latest increase to the debt ceiling is the largest in recent history. After Republicans filibustered one …
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