Democrats to increase debt ceiling by $2.5T

Democrats will vote as soon as Tuesday to raise the debt ceiling by $2.5 trillion, which they expect will lift the nation’s borrowing cap until 2023.

Senate Democrats unveiled a resolution to raise the debt ceiling on Tuesday, shortly before they are scheduled to take a procedural vote on the measure.

Senate Democrats are expected to vote to raise the debt ceiling on Tuesday as part of a deal worked out with Senate GOP leadership that gives them a one-time exemption to raise the debt ceiling without needing to overcome a 60-vote filibuster.

The House also could vote as soon as Tuesday. Treasury Secretary Janet Yellen has given lawmakers until Wednesday to keep the country solvent.

The resolution doesn’t state how long the debt ceiling will be raised for.

But Senate Majority Leader Charles Schumer (D-N.Y.) said it would get Congress past the 2022 midterm elections and into 2023.

“The resolution we will vote on will provide for a raising of the debt limit to a level commensurate with funding necessary to get into 2023,” he said.