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House to default with debt limit vote to prevent default

By Kevin Fracking. Relevant institution

WASHINGTON – Members of the House are returning to Washington on Tuesday to approve a short-term lift in the country’s debt ceiling and ensure the federal government continues to pay its bills in full by December.

The 4 480 billion increase in the country’s debt ceiling cleared the Senate of party lines last week. The House is expected to pass it quickly so that President Joe Biden can sign it into law this week. Treasury Secretary Janet Yellen warned that measures to stop defaults on the country’s debt would end by Monday, and from then on, the department would soon be unable to fully meet the government’s financial obligations.

A default will have a huge impact on global financial markets based on US government debt. Beneficiaries of social security, disabled veterans and active duty military personnel will also be questioned on the government’s regular payments.

House Majority Leader Stanley Hoyer said, “It is very worrying that our nation has been put in this position, but we must take immediate action to remove the debt limit and ensure that Maintain full US confidence and credit. ” .

But the relief from the passage of the bill will only be temporary, forcing Congress to reconsider the issue in December – a time when lawmakers also have to complete federal spending bills and avoid damaging government closures. Will work hard The backlog of the year increases the risks for both sides and there is a risk of a riot near Biden’s first year in office.

The current debt crisis eased when Senate Republican leader Mitch McConnell, R.K., agreed to help approve the short-term increase. But he insists he will not do it again.

In a letter to Biden on Friday, McConnell said Democrats would have to bear the brunt of the next debt hike in the way they sought to approve Biden’s massive social spending and environmental plan. ۔ Reconciliation legislation allows the Senate to pass by 51 votes instead of the 60 required. In the 50-50 split Senate, Vice President Kamala Harris gave Democrats a majority with her tie-breaking vote.

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

Pelosi told reporters Tuesday that for years Republicans and Democrats have voted against raising the debt limit, “but never to the point of jeopardizing it.”

Pelosi said he hopes Congress will raise the debt limit bilaterally this December because of the stakes involved. But it also introduced a bill, drafted by Rep. Brandon Boyle, DPA, that would remove the debt-raising duty from Congress and put it before the Treasury Secretary, saying, “I think that’s it.” There is merit. ”

Focusing on the debt ceiling, McConnell has sought to link Biden’s major federal government spending to the nation’s growing debt burden, although they are separate and will have to raise or suspend the debt ceiling. Although Biden has a 3.5 trillion plan. In this law

McConnell said in the letter, “Your lieutenant on Capitol Hill now has the time to claim that he lacks the means to resolve the debt limit through stand-alone reconciliation, and has all the tools to do so. ۔ ” “They can’t create another crisis and they can’t ask for my help.”

McConnell was one of 11 Republicans who sided with Democrats to push the debt limit to the final vote. Subsequently, McConnell and his GOP colleagues voted against the final approval.

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