The House of Representatives voted to increase the country’s debt limit by $2.5 trillion, which gives the Treasury Dept. the ability to issue new debt until after next year’s midterm elections.
The final vote in the House of representatives was 221-209. The measure had passed the Senate earlier Tuesday and is now heading to Joe Biden’s desk.
Congress approved the increase just before the Dec. 15 deadline that was set by Secretary of the Treasury Janet Yellen, who stated the government will run out of money to pay for incoming bills if lawmakers didn’t act to raise the debt ceiling.
The measure had passed after weeks of democrat and republican negotiations that resulted in an unusual agreement that allowed Senate Dems to pass the bill with only 51 votes rather than the usual 60.
Every Republican voted against the measure in both the Senate and the House. They said Democrats are out of control when it comes to spending, adding new federal debt and making inflation skyrocket.
Democrats hope to pass a $2.4 trillion green energy and social welfare measure by Christmas that the Congressional Budget Office said would add $3 trillion to the nation’s deficit over a period of ten years if the programs within it were to be made permanent, as Dems intend them to be.
“The economy simply can’t absorb those dollars that the federal government keeps pushing out,” Representative Michael Burgess, a Texas Republican, stated. “We have got no place to go except to create even more inflation. And inflation hurts Americans who are at the lower end of the income spectrum.”
Inflation increased to 6.8% for the year ending in Nov., the fastest rate of increase since 1982.
Democrats said Congress had “a sacred responsibly” to make sure the nation is able to pay the bills.
Only a fraction of the U.S. debt was accrued by Joe Biden’s administration, Dem. lawmakers argued, and much of it has come from passing a string of COVID aid bills.
“Failing to raise the debt ceiling and defaulting on our nation’s debt isn’t an option,” stated Rep. Jason Morelle, a NY Democrat. “The debt limit doesn’t allow any new spending. It just authorizes the government to pay the bills. Much of the debt accrued was on a bipartisan basis.”
Author: Scott Dowdy