Early this evening, the Republican-dominated US House of Representatives passed a "clean" bill to raise the debt ceiling without tying it to any other legislation. The bill passed with only 28 Republican votes. The big news is that Speaker of the House John Boehner allowed the vote to be taken.
This lets the Treasury borrow money as necessary to pay bills we have already incurred. While that is good news, there shouldn't be the slightest controversy.
It would be better news if we did away with the "debt ceiling" altogether. Our need to borrow is governed by revenue and expenditures that already comply with the dictates of Congress.
Here is economist Jared Bernstein's take on what has happened.
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