This week, the House and Senate passed a one-time rule change to allow the Senate to pass an increase the debt ceiling with a 51 vote margin, instead of the customary
60-vote threshold.
Once this measure is signed into law by President Joe Biden, the House and Senate will pass a measure to increase the amount the nation is authorized to borrow. While that amount is not yet known, it is likely to be large enough that this issue will not need to be revisited by Congress until 2023.
Contact: Paul Penna, Legislative Analyst, ppenna@njlm.org, 609-695-3481, x110.