WASHINGTON – The House on Tuesday passed legislation raising the country’s debt limit for several weeks, allowing the government To continue paying your bills in early December And avoiding the economic chaos to come if the US defaults.
By extending the country’s borrowing limit for a few weeks, lawmakers set off another debt limit battle in early December, when they will be tasked with finding a more permanent solution.
The measure, which raises the $480 billion limit, is headed by President Joe Biden to sign. Biden Was warned of “a self-inflicted wound” It takes our economy on a cliff” if Congress doesn’t raise the debt limit. He asked lawmakers to extend the debt limit before October 18, when the Treasury Department said it would take “extraordinary” funding measures. What it may take to prevent the default.
National debt Now approaching $29 trillion. The limit was raised in the past to cover mounting debt from programs and tax cuts passed by Republican- and Democratic-controlled Congresses.
Tuesday’s vote was 219-206 with each Republican voting to oppose an extension. GOP lawmakers have said they will not help Democrats, who narrowly control Congress, to lift the ceiling because they have kept Biden out of talks on big-ticket spending proposals.
“Telling us to raise the credit card limit – trillions – and no matter how it’s spent?” Representative Dan Meuser. R-Pa., said on the Table of the House before the vote. “It’s irresponsible and I won’t be a part of it if it happens.”
House Majority Leader Steny Hoyer, D-MD, reminded Republicans that Tuesday’s vote to raise the debt limit was necessary to cover spending lawmakers in both parties have run into before and must now be paid.
“This is our debt. This is America’s debt,” he said on the floor. “And America pays its bills.”
After weeks of negotiations, the bill passed in the Senate last week. Eleven Republican senators, including Minority Leader Mitch McConnell, R-Ky., on Thursday helped Democrats crack a filibuster, bringing the measure to the floor where a simple majority was able to pass it with GOP votes.
After a setback from some of his GOP colleagues, McConnell has since vowed not to help Democrats When the loan limit will have to be increased again by December to avoid default.
Speaking to reporters ahead of the vote, House Speaker Nancy Pelosi ticked off the consequences of a default: the potential loss of six million American jobs, $15 trillion in loss of household assets, higher borrowing for car loans, credit cards and mortgages. rate, financial fall market.
Pelosi, D-Calif., Pelosi said that with more time to fix the debt limit more permanently, legislative attention will go back to passing Biden’s Build Back Better Act, which will reduce the social safety net and climate change. It is a far-reaching extension. program. Pelosi said she was “disappointed” that the bill’s original $3.5 trillion price tag needed to pass would have to fall short enough to win the support of Democratic moderates.
But “whatever we do, it will be transformative and it will yield results,” she said.