WASHINGTON (AP) – Members of the House are returning to Washington on Tuesday to approve a short-term lift in the nation’s debt ceiling and ensure the federal government continues to pay its bills in full by December. Could keep
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 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 annual backlog 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.
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.
The agreement on a short-term solution came suddenly. Some Republican senators said Democrats’ threats to remove the 60-vote debt limit – which Biden called a “real possibility” – played a role in McConnell’s decision.
“I understand why the Republican leadership blinks, but I don’t want them to,” said San Tate Cruz, R. Texas.
The current debt ceiling is 28 28.4 trillion. Both parties have contributed to this burden with decisions that have rarely made the government work.
The devastating effects of default are that legislators have been able to reach an agreement to raise or suspend the debt limit 18 times since 2002, often after repeated rounds.
A recent Moody’s Analytics report warns that “global financial markets and the economy will suffer and even if resolved soon, Americans will pay the default for generations.”