US Senate has approved a measure to lift the nation's borrowing limit by $2.5 trillion, just one day before the deadline set by Treasury Secretary, Janet Yellen for lawmakers to take action to prevent a default.
![US Senate US Senate](https://data.ibtimes.sg/en/full/35070/us-senate.jpg?w=736)
The upper chamber on Tuesday voted 50-49 along party lines to raise the debt limit to roughly $31 trillion, after Minority Leader Mitch McConnell and Majority Leader Chuck Schumer struck a deal to allow Democrats to approve the measure through simple-majority votes in the evenly-split Senate
The Democrats-held House of Representative is expected to quickly clear the legislation, which will then be sent to President Joe Biden for his signature, Xinhua news agency reported.
![US dollar US dollar](https://data.ibtimes.sg/en/full/21184/us-dollar.jpg?w=736)
The measure would increase the debt limit by $2.5 trillion, which is expected to last until 2023 without the need for another vote to raise the borrowing cap, avoiding another partisan fight over the debt ceiling issue before the mid-term elections in 2022.
![US Treasury Department US Treasury Department](https://data.ibtimes.sg/en/full/39048/us-treasury-department.jpg?w=628)
In mid-November, US Treasury Secretary, Janet Yellen already urged Congress to raise the federal government's debt limit by December 15 to avoid a potential default.