US Congress Approves Debt Limit Raised to $31.4 Trillion

The United States Congress approved on Tuesday (14) to raise the federal government’s debt limit by US$ 2.5 trillion, which approximates it to US$ 31.4 trillion, sending the bill to President Joe Biden sanction and avoid an unprecedented default.

The approval comes in the wake of months of stalemate between Democrats and Republicans, who tried to force Biden’s party to raise the debt limit, currently $28.9 trillion, on its own to obtain ammunition for aggressive announcements during congressional elections. of 2022.

A deal last week between Democratic majority leader Chuck Schumer and his Republican equivalent, Mitch McConnell, set the stage for Tuesday’s vote, circumventing Senate rules that require at least 60 of the 100 House members to agree in pushing most of the legislation.

The Senate passed the bill on Tuesday morning in a 50-49 vote.

Led by Democrats, the House of Representatives endorsed the bill with a vote of 221 to 209.

Schumer said the increase will cover the government’s needs through 2023, which includes the Nov. 8 midterm elections that will determine control of Congress.

Treasury Secretary Janet Yellen had asked Congress to raise the debt limit earlier this Wednesday.

Under the unusual deal struck by Schumer and McConnell and passed by both houses last week, legislation to raise the debt ceiling could this time pass the Senate by a simple majority, meaning the Democrats could push it forward. own account.

In the House, Republican Rep. Jodey Arrington told the Rules Committee he was disappointed that McConnell had agreed to the deal.

The country’s debt level is the highest since World War II and “we are not at war,” Arrington said.

Committee chair Democrat Jim McGovern responded, “I usually don’t have a lot of good things to say about Mitch McConnell, but I really think he understands that… not letting this go any further would be devastating to our economy.”

Then the committee decided to forward the legislation to the House floor by a 9-4 vote.

The increase is needed, in part, to cover the debt generated during the term of Republican Donald Trump, when it rose by about $7.85 trillion, in part because of broad tax breaks and spending to fight the Covid-19 pandemic .

Republicans, who oppose raising the debt limit and control half of the 100 Senate seats, are trying to link the vote to Biden’s $1.75 trillion “Rebuild Better” bill, which aims to bolster the safety net. and fight climate change.