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Congress clears $2.5T debt limit increase, forestalling economic fallout

Technology Manias – EᐯEᖇYTᕼIᑎG YOᑌ ᑎEEᗪ IᑎᗪEEᗪ

The House passed a measure late Tuesday night to raise the debt limit to nearly $31 trillion, sending the legislation to President Joe Biden in time to prevent an economically devastating default. The chamber voted 221-209 to pass the measure, a move expected to save the Treasury Department from fully exhausting its ability to pay interest on the nation’s $29 trillion in loans — a crisis that could hit as soon as Wednesday. The final passage vote ends more than four months of economic uncertainty as the two parties sparred…

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