Following the passage of the bipartisan omnibus budget agreement in January, goodwill continued to permeate Capitol Hill as Democrats and Republicans in both chambers passed a clean bill to raise the debt ceiling until March 2015. The President signed the bill into law on February 15. The clean passage of the bill marks a shift in the Republican party, which previously had used the issue as leverage to gain concessions such as spending cuts. It also takes the volatile issue off the table in anticipation of upcoming elections this November.

The bill passed the Republican-controlled House by a vote of 221 to 201. It passed the Democrat-controlled Senate by a vote of 55 to 43. The federal government now has the authority to borrow normally for the next 13 months in order to fulfill its obligations both domestically and abroad, and then the borrowing cap resets to $17.2 trillion.

Congress now awaits the announcement of the President’s fiscal year 2015 budget, which is expected to be released on Tuesday, March 4.

Sources: The Library of Congress, Politico, Reuters