WASHINGTON—The Senate passed a measure raising the government’s borrowing limit by $2.5 trillion, as Democrats moved to quickly bring the measure to President Biden’s desk and push the next debt-ceiling standoff past the midterm elections.
The Senate voted 50-49 to approve the legislation, sending it to the House, which could pass it as soon as later Tuesday. The Treasury Department, which has been taking such steps as suspending certain investments to conserve cash, has warned lawmakers that it could be unable to meet the country’s obligations as soon as Wednesday if the debt ceiling isn’t raised.
