WASHINGTON – President Joe Biden on Thursday signed a bill extending the country’s debt ceiling to early December, delaying the possibility of an unprecedented federal default that could lead to economic catastrophe.
The House on Tuesday approved a 4 480 billion increase in the country’s borrowing limit, following the Senate’s approval of the party’s line vote last week. The final approval came after a long standoff with Senate Republicans, who delayed initial democratic efforts with filebusters, which required 60 votes to stop.
Eventually, a handful of Senate Republicans agreed to join the Democrats and vote to end the GOP delay and cast a final vote on the legislation, but minority leader Mitch McConnell said Republicans would raise more in December. Will not give any support.
Treasury Secretary Janet Yellen warned that the United States would exceed its debt limit on Monday, an extraordinary situation that she and others warned of could wreak economic havoc on a nation plagued by a global epidemic. Can cause Routine government payments to social security beneficiaries, disabled veterans and active-duty military personnel are likely to be delayed, and the economic crisis in the United States could spread to global markets.
Approval to increase the short-term debt limit ensures that the United States continues to meet its obligations. But it has raised another potential mountain at the end of the year – at a time when lawmakers will also work to pass a federal funding bill to prevent a government shutdown.
Republicans have said Democrats should use the budget measure to increase the debt ceiling without Republican support, as Democrats are using Biden’s massive climate change and social safety net plan. But Democrats have opposed the option. The clash between the two parties leaves Congress without a clear solution to postpone the next default deadline in December, but the White House has insisted that it is still pursuing bilateral increases.
Lawmakers from both parties have used the debt ceiling for other priorities. House Speaker Nancy Pelosi has threatened to vote against raising the debt limit when President Donald Trump is in power, saying he has no plans to help raise the debt limit so that Republicans can get richer. Another tax deduction. And Republicans managed to persuade President Barack Obama in 2011 to accept a deficit reduction of about 2 2 trillion as a condition of raising the debt ceiling – although lawmakers later withdrew some of those cuts. Taken
Kevin Freaking, author of the Associated Press, contributed to this report.