Senate Democrats on Tuesday voted 50-49 to raise the debt ceiling by $2.5 trillion, which will extend it beyond the 2022 midterms.
Why it matters: This is the largest debt ceiling increase in recent history. The bill is now headed to the House, which will pass the measure a day before Treasury Secretary Janet Yellen's Dec. 15 deadline to deal with the debt limit or risk a potential default.
- The vote comes after House and Senate leaders clinched a deal with Republicans that created a one-time, fast-track process for the Senate to raise the debt ceiling with just 51 votes.
- This is also a huge victory for Democratic leaders, given most in the Capitol expected the process to be brutal and messy.
