Congressmen passed an initiative to raise the debt ceiling
The Democrat-controlled U.S. House of Representatives on Tuesday passed an initiative that would help approve a simplified debt ceiling increase in the near future. The document was supported by 222 lawmakers and 212 voted against.
It’s a one-time use of this measure, the initiative does not imply that in the future the bills on the national debt ceiling will be approved by the accelerated procedure.
On October 14th the President of the USA Joe Biden approved the increase of the government debt ceiling by $480 billion up to $28.9 trillion, which would allow, as the Treasury Department stated earlier, to cover the expenses until December 3rd 2021. The initiative was approved by both chambers of Congress.
At the end of September, the House of Representatives was able to approve the suspension of the national debt limit for a longer period, until December 16, 2022. The bill was to be considered by the Senate, but the American media predicted that it would not be approved there because of the opposition of the Republicans, who promised to take all possible measures to block the initiative. They insisted that Biden and the Democrats cut government spending or take other measures to reduce the debt. It was later reported that Democrats and Republicans in the Senate reached a temporary agreement to raise the national debt ceiling by early December. Meanwhile, Senate Republican Minority Leader Mitch McConnell said that his fellow party members in the upper chamber will no longer help the Democrats when the national debt again reaches its limit.