House passes debt limit extension to ward off US standard – Deadline

Parliament on Tuesday adopted an extension of the debt ceiling and averted the threat of default until at least 3 December.

The vote was 219-206, one party line voted for the $ 480 billion increase. The legislation now goes to President Joe Biden, who plans to sign it.

The Senate passed an extension last week following a standoff between Democrats and Republicans. Senator Minority Leader Mitch McConnell has insisted that Democrats bear responsibility when they want to pass massive new infrastructure and social policy legislation. But Senate Majority Leader Chuck Schumer noted that raising the debt ceiling, typically in two parts, was for spending that had already been approved by Congress, including during Donald Trump’s tenure.

Finance Minister Janet Yellen had said the United States risked being unable to meet its obligations after October 18.

Although a crisis was averted, the question, however, is how the ceiling will be raised in December, with yet another showdown in the Senate.

McConnell insists Democrats do it on their own through a process called reconciliation that requires a simple majority. But Schumer and other Democrats say Republicans are refusing to go the simplest route, an independent bill. It could also pass by simple majority, but only if Republicans agree not to raise the threat of a filibuster.

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