debt ceiling

December 17, 2021

Biden Increases US Debt Limit By $2.5T

President Joe Biden signed a bill raising the debt ceiling by $2.5 trillion, narrowly avoiding default on the nation’s debt.

The measure passed through the Senate and House on Tuesday. Both sets of votes were almost entirely along party lines.

Treasury Secretary Janet Yellen previously warned Congress that the federal government could default on its debt shortly after Wednesday if they failed to take action. The White House commended lawmakers for “fulfilling this fundamental legislative and constitutional responsibility.”

The move means the U.S. will avoid default until 2023.

Last week, Senate Majority Leader Charles Schumer (D-N.Y.) and Senate Minority Leader Mitch McConnell (R-KY) reached an agreement to allow a one-time exemption from the filibuster to approve the debt ceiling increase with a simple majority vote.


Biden signs bill hiking US borrowing limit by $2.5 trillion

October 14, 2021

House passes bill to raise debt ceiling through early December

The House of Representatives passed the bill to temporarily raise the debt ceiling to $28.9 trillion through early December, staving off financial disaster for another few months.

The measure passed in the Democrat-led House, with every Democratic member voting yes and every Republican voting no.

President Joe Biden will likely sign the bill into law this week, before the Oct. 18 deadline.

The move buys legislators roughly seven weeks to pass spending legislation to prevent a government shutdown.

Senate Minority Leader Mitch McConnell (R-KY) indicated to President Joe Biden that he would not assist Democrats with another debt limit increase.


House passes bill to raise US debt ceiling through early December

October 7, 2021

Senate reaches short-term debt deal, avoiding crisis

Senate leaders reached an agreement to extend the debt ceiling into December, Senate Majority Leader Chuck Schumer (D-NY) announced Thursday.

“We have reached an agreement to extend the debt ceiling through early December,” Schumer said.

The agreement would increase the debt ceiling by $480 billion, which Treasury Department estimates indicate would extend the limit until Dec. 3. Senate Minority Leader Mitch McConnell (R-KY) also confirmed the deal.

“The Senate is moving toward the plan I laid out last night to spare the American people from an unprecedented crisis,” McConnell said. “The pathway our Democratic colleagues have accepted will spare the American people any near-term crisis.”

The agreement would need to pass through the House before being sent to President Biden.


Default crisis dodged — for now — with Dem-GOP debt accord

October 5, 2021

Biden blasts Republicans over debt clash: ‘Just get out of the way’

President Joe Biden had harsh words for Republicans as the US approaches its deadline to raise the debt ceiling or default on its debt.

“They won’t raise it even though defaulting on the debt would lead to a self-inflicted wound that takes our economy over a cliff,” Biden said Monday.

According to the US Treasury, the US will run out of money by Oct. 18 unless Congress raises the current debt limit. Failure to act in time could lead to the first default in modern history and potentially disastrous consequences for Americans and the US economy.

“Not only are Republicans refusing to do their job, they’re threatening to use their power to prevent us from doing our job: saving the economy from a catastrophic event. I think, quite frankly, it’s hypocritical, dangerous, and disgraceful. Their obstruction and irresponsibility knows absolutely no bounds, especially as we’re clawing our way out of this pandemic.”

“A meteor is headed to crash into our economy. Democrats are willing to do all the work stopping it. Republicans just have to let us do our job. Just get out of the way. You don’t want to help save the country? Get out of the way, so you don’t destroy it.


Biden warns ‘meteor headed to crash’ into US economy amid debt struggle

September 9, 2021

Treasury Secretary raises alarm over nation’s debt ceiling

Treasury Secretary Janet Yellen is raising the alarm over the nation’s borrowing limit that could set off a worldwide economic crisis if Congress fails to take action.

Yellen warned congressional leaders on Wednesday that the US could potentially default on its debt in October. There is now reportedly a scramble to determine how to raise the debt ceiling in time.

“The time for Congress to act is now to make sure the U.S. does not come close to defaulting on some of its obligations,” said Rachel Snyderman, associate director at the Bipartisan Policy Center, a think tank that monitors the debt limit. “But what’s concerning right now is that there are so many important priorities at play.”

Republicans vowed to withhold votes for the debt ceiling, though they helped suspend it under former President Donald Trump.

“Democrats control Washington now. They can raise the debt limit on their own,” said Doug Andres, a spokesman for Sen. Mitch McConnell (R-KY), on Wednesday.


Yellen triggers alarm bells over debt ceiling cliff 

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