Debt ceiling

House votes to suspend debt ceiling through 2021

This illustration shows a hat decorated with the US red white and blue, except the red stripes are a bar code.
Illustration: Aïda Amer/Axios

The House voted 284-149 on Thursday to pass a budget that suspends the debt ceiling through 2021 — allowing the government to borrow money for 2 more years — and raises spending caps by about $320 billion.

The big picture: The federal debt exceeded $22 trillion in February and the Congressional Budget Office projects it to reach "unprecedented levels" over the next 30 years if current laws go unchanged. The federal deficit has grown 23% this fiscal year. Thursday's deal passes the buck on the next federal debt showdown until after the 2020 elections.

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

Note: Not adjusted for inflation; Data: Federal Reserve Bank of St. Louis; Chart: Chris Canipe/Axios

The total net worth of the bottom 50% of Americans fell to -$143 billion in the second quarter of 2010 — meaning the lowest 50% of earners had collective liabilities far outpaced their collective assets, largely underwater home and auto loans. Their net worth remained negative until Q1 2013, Federal Reserve data shows.

What it means: "The recovery is just now getting to the bottom of the economy," Kevin Barry, chief investment officer at investment manager CAPTRUST, tells Axios. "At the end of 2015 the overwhelming majority of Americans would say, 'What recovery?'"