WASHINGTON—Democrats prepared Tuesday to raise the government’s borrowing limit by $2.5 trillion, moving to quickly pass the measure through both houses of Congress and push the next debt-ceiling standoff past the midterm elections.
Lawmakers expect the $2.5 trillion increase to the roughly $29 trillion in debt will allow enough borrowing to pay the country’s bills into 2023, when Congress would again have to act on the issue to avert default.
Read more on wsj.com