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Illustration: Aïda Amer/Axios

The Senate voted 67-28 to pass a $2.7 trillion budget deal Thursday that would suspend the debt ceiling through 2021, sending the package to President Trump's desk after the House passed it last week.

Why it matters: The Congressional Budget Office projected that the national debt would reach "unprecedented levels" in the next 30 years should laws remain the same. It exceeded $22 trillion in February, and the federal deficit has grown 23% this fiscal year.

Details... The budget includes a number of notable provisions:

  • $2.5 billion for the 2020 Census to ensure all are counted, according to a senior Democratic aide.
  • A $22 billion increase in military spending for 2020, in addition to a Democrat-supported $27 billion increase for non-defense spending.

What they're saying: Trump has previously endorsed the deal, and re-upped his calls for Republicans to pass the measure just hours before the vote.

  • "Budget Deal is phenomenal for our Great Military, our Vets, and Jobs, Jobs, Jobs! Two year deal gets us past the Election. Go for it Republicans, there is always plenty of time to CUT!" he tweeted on Thursday morning.
  • Treasury Secretary Steve Mnuchin also extended the debt issuance suspension period last week to allow Congress time to pass the legislation.

The other side, via Axios chief financial correspondent Felix Salmon: There is no evidence from 240 years of American history that the level of the national debt has ever really mattered.

  • The U.S. prints its own currency and can borrow as much as it likes, increasingly from domestic investors. Per Warren Buffett, deficit hawks have preached doom for decades. They have never been proven correct.

Go deeper: America's bottom 50% are slowly recovering from the Great Recession

Go deeper

Updated 22 mins ago - Politics & Policy

Omicron dashboard

Illustration: Brendan Lynch/Axios

  1. Health: Pfizer and Moderna boosters overwhelmingly prevent Omicron hospitalizations, CDC finds — Omicron pushes COVID deaths toward 2,000 per day — The pandemic-proof health care giant.
  2. Vaccines: The case for Operation Warp Speed 2.0 — Starbucks drops worker vaccine or test requirement after SCOTUS ruling — Kids' COVID vaccination rates are particularly low in rural America.
  3. Politics: Biden concedes U.S. should have done more testing — Arizona says it "will not be intimidated" by Biden on anti-mask school policies.
  4. World: American Airlines flight to London forced to turn around over mask dispute — WHO: COVID health emergency could end this year — Greece imposes vaccine mandate for people 60 and older — Austria approves COVID vaccine mandate for adults.
  5. Variant tracker
Updated 1 hour ago - Economy & Business

Janet Yellen co-opts Reaganomics phrase for new Davos speech

Treasury Secretary Janet Yellen at a speech this week. Photo: Alex Wong/Getty Images

The U.S. needs to focus on increasing its productive potential, Treasury Secretary Janet Yellen told world leaders Friday, calling for what she terms "modern supply side economics."

Why it matters: She co-opted a phrase traditionally used by political conservatives to describe low-tax and deregulatory policies — and framed the Biden administration's initiatives as the best path forward to achieve greater national prosperity.

National Archives releases Trump White House records to Jan. 6 panel

Photo: Chip Somodevilla/Getty Images

The National Archives on Thursday evening released records of former President Trump's White House to the House Jan. 6 Select Committee, the agency said.

Why it matters: The committee now has documents that Trump attempted to keep hidden, arguing that their release would undermine his executive privilege.