FINANCE

House funding, debt ceiling bills passed


House Speaker Nancy Pelosi (D-CA) left Washington DC on August 25, 2021 at the end of her weekly press conference in the US Capitol.

Kevin Dietsch | Getty Images

The House passed a bill Tuesday that would both prevent a government shutdown and raise the debt limit in one step to prevent a potential economic catastrophe.

The chamber approved the plan by a vote of 220-211. All Democrats voted for it and all Republicans opposed it.

With the bill before the Senate, Republicans are threatening to block it, which could be frustrating for Democrats to find other ways to avoid federal funding lapses এমনকি even the first default in the U.S.. Concerns about rising defaults and economic losses that will help the US stock market sink on Monday.

To prevent a shutdown, Congress must pass a funding plan by September 30. Treasury Secretary Janet Yellen told congressional leaders that, separately, the United States would eliminate all options for paying its bills in October.

The house-passed plan will keep the government running until December 3. It will suspend the debt limit in December 2022.

The bill would spend 28 28.6 billion on natural disaster relief and 6. 6.3 billion on the resettlement of Afghan refugees.

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Senate Minority Leader Mitch McConnell, R-Ki said Republicans would vote for a separate funding bill but not legislation that would limit A’s limit.

Although Democrats have noted that the GOP has signed a massive emergency coronavirus relief bill since the latest debt ceiling was suspended, Republicans say their counterparts will have to resist defaulting on their own because they are preparing to pass a huge spending bill without the GOP.

Ahead of the House vote, Senate Majority Leader Chuck Schumer, DNY, warned Republicans that failure to raise the NSA limit could hurt important government benefits such as the economy and social security.

“It’s playing with fire. Games with the debt ceiling are playing with fire and putting pressure on the American people,” he said.

It is unknown at this time what he will do after leaving the post.

They could attach a ceiling of debt to their r. 5 trillion budget reconciliation bill. Doing so will add further steps to an already chaotic and time consuming process.

The focus of President Joe Biden’s internal program will be a massive investment in social security diversion and climate policy. Republicans want Democrats to tie the bill’s suspension to a huge bill, which Democrats want to pay by raising taxes on corporations and the rich.

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