The U.S. Senate passed a bill to raise the federal debt ceiling by $2.5 trillion

Bloomberg December 15 news, the U.S. Senate voted to pass the bill to raise the debt ceiling by $2.5 trillion, now handed over to the House of Representatives for a vote. If passed by the House of Representatives, the U.S. federal debt ceiling will be raised from the current $28.9 trillion to $31.4 trillion.

The Senate passed the bill by 50 to 49 votes. House Majority Leader Steny Hoyer said he planned to vote in the House of Representatives later Tuesday and then send it to President Joe Biden to sign into law.

After the bill is passed, the next bipartisan showdown over the debt ceiling will be as early as November 2022. If Democrats lose a majority in the midterm elections, they may try to raise the ceiling again, lest the debt ceiling be used as a bargaining chip to negotiate spending cuts if Republicans win a majority.