Saturday, July 13, 2024

The US House of Representatives has approved a temporary increase in the debt ceiling


The democratically controlled US House of Representatives gave its final approval on Tuesday, temporarily raising the government’s debt ceiling to $ 28.9 trillion, a bill passed by the Senate that would prevent the risk of debt default until at least the beginning of December.

The Democrats, who control the House by a narrow margin, have made a partisan commitment to raising the $ 480 billion debt ceiling by 219 votes to 206 votes. The referendum was held on a discriminatory basis, with all Democrats voting yes and no Republican.
President Joe Biden is expected to sign the bill into law before Oct. 18, after which the Treasury estimates the state will not be able to pay its debt without congressional action.

The House of Representatives’ approval of the bill has allayed fears that the United States, the world’s largest economy, may fail for the first time, but a temporary extension could lead to a two-way war.
“We have temporarily averted the crisis before next week’s deadline, but members of Congress must put the country ahead of the party by December to prevent debt defaults,” said Richard Neal of Democracy, head of the House tax reserve and budget. Team

Republicans insist that only Democrats be held accountable for raising the debt ceiling because their party wants to spend trillions of dollars on expanding social programs and tackling climate change.
In contrast, Democrats say more debt is needed to cover the costs of tax cuts and spending programs during the administration of former President Donald Trump, which was backed by Congress Republicans.

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Rolf Colon
Rolf Colon
"Creator. Award-winning problem solver. Music evangelist. Incurable introvert."

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