US House of Representatives votes to raise debt ceiling
The Democratic-controlled US House of Representatives gave final approval to legislation temporarily raising the government’s borrowing limit to $28.9 trillion, pushing off the deadline for debt default only until December, informs, citing .
Democrats, who narrowly control the House, maintained party discipline to pass the hard-fought, $480 billion debt limit increase by 219-206. The vote was along party lines, with every yes from Democrats and every no from Republicans.
President Joe Biden is expected to sign the measure into law before Oct. 18, when the Treasury Department has estimated it would no longer be able to pay the nation’s debts without congressional action.
House passage warded off concerns that the United States – the world’s largest economy – would go into default for the first time, but the temporary extension set the stage for continued fighting between the parties.
Republicans insist Democrats should take sole responsibility for raising the debt limit because their party wants to spend trillions of dollars to expand social programs and tackle climate change.