Congress passes $2.5 trillion debt ceiling hike

Sign up for our daily briefingMake your busy days simpler with Axios AM/PM. Catch up on what’s new and why it matters in just 5 minutes.Catch up on the day’s biggest business storiesSubscribe to Axios Closer for insights into the day’s business news and trends and why they matterSign up for Axios Pro RataDive into the world of dealmakers across VC, PE and M&A with Axios Pro Rata. Delivered daily to your inbox by Dan Primack and Kia Kokalitcheva.Sports news worthy of your timeBinge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.Tech news worthy of your timeGet our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.Get the inside storiesGet an insider’s guide to the new White House with Axios Sneak Peek. Sign up for free.Catch up on coronavirus stories and special reports, curated by Mike Allen everydayCatch up on coronavirus stories and special reports, curated by Mike Allen everydayWant a daily digest of the top Denver news?Get a daily digest of the most important stories affecting your hometown with Axios DenverWant a daily digest of the top Des Moines news?Get a daily digest of the most important stories affecting your hometown with Axios Des MoinesWant a daily digest of the top Twin Cities news?Get a daily digest of the most important stories affecting your hometown with Axios Twin CitiesWant a daily digest of the top Tampa Bay news?Get a daily digest of the most important stories affecting your hometown with Axios Tampa BayWant a daily digest of the top Charlotte news?Get a daily digest of the most important stories affecting your hometown with Axios CharlotteWant a daily digest of the top Nashville news?Get a daily digest of the most important stories affecting your hometown with the Axios Nashville newsletter.Want a daily digest of the top Columbus news?Get a daily digest of the most important stories affecting your hometown with the Axios Columbus newsletter.Want a daily digest of the top Dallas news?Get a daily digest of the most important stories affecting your hometown with the Axios Dallas newsletter.Want a daily digest of the top Austin news?Get a daily digest of the most important stories affecting your hometown with the Axios Austin newsletter.Want a daily digest of the top Atlanta news?Get a daily digest of the most important stories affecting your hometown with the Axios Atlanta newsletter.Want a daily digest of the top Philadelphia news?Get a daily digest of the most important stories affecting your hometown with the Axios Philadelphia newsletter.Want a daily digest of the top Chicago news?Get a daily digest of the most important stories affecting your hometown with the Axios Chicago newsletter.Sign up for Axios NW ArkansasStay up-to-date on the most important and interesting stories affecting NW Arkansas, authored by local reportersWant a daily digest of the top DC news?Get a daily digest of the most important stories affecting your hometown with the Axios DC newsletter.House Speaker Nancy Pelosi. Photo: Oliver Contreras/Sipa/Bloomberg via Getty ImagesThe House voted early Wednesday 221-209 to raise the debt ceiling by $2.5 trillion, which will extend it beyond the 2022 midterms.Driving the news: The measure, advanced by Senate Democrats earlier on Tuesday, now heads to the president’s desk for a signature. It passed just under the wire to meet Treasury Secretary Janet Yellen’s Dec. 15 deadline to deal with the debt limit or risk a potential default.This is the largest increase in recent history and follows House and Senate leaders clinching a deal with Republicans that created a one-time, fast-track process enabling the Senate to raise the debt ceiling with just 51 votes, rather than the 60 typically needed to overcome the filibuster.The reason for the complex process is to allow Republicans to say they didn’t vote for increasing the debt limit, despite clearing the path for Democrats to do it on their own.This is also a huge victory for Democratic leaders, given most in the Capitol expected the process to be brutal and messy.Go deeper: Senate leaders sell members on debt limit dealEditor’s note: The Senate voted to raise the debt ceiling on Tuesday, not Monday.