Economy

House Rejects Debt Ceiling Increase

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The House of Representatives tonight, as expected, rejected an increase in the debt ceiling by a vote of 318-97, with every Republican and 82 Democrats voting nay. House Republicans explicitly said that the vote was designed to fail, leading many Democrats to oppose the measure. House Minority Whip Steny Hoyer (D-MD) said before the vote that if the bill is “simply a political charade in which the overwhelmingly majority or all Republicans are going to vote no, I’m going to advise my members that they should not subject themselves to the demagoguery that would surely follow.”