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Biden shows signs of raising the debt ceiling, preventing default

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President Joe Biden delivers brief remarks ahead of a meeting with his coronavirus response coordinator Jeffrey Zient and members of the White House COVID-19 Response Team in the State Dining Room at the White House on Wednesday. December 9, 2021 in Washington, DC. (Photo by Chip Somodevilla / Getty Images)

WASHINGTON (Hill) – President Biden on Thursday signed a bill raising the debt ceiling to $2.5 trillion, limiting the nation’s likelihood of default.

The measures were passed by the Senate Tuesday afternoon by a margin of 50-49 . vote that’s totally in line with the party line after the Democrats and Republicans reached an agreement to get through the rotation.

The House of Representatives passed the bill late Tuesday for one day 221-209 vote with a Republican voting in favor, send it to Biden’s desk for his signature.

Minister of the Treasury Janet Yellen Yes alert Congress that the federal government could default on its debt as soon as Wednesday if no action is taken to raise the debt limit. When the Senate passed the measure on Tuesday, the White House urged “swift action” on the bill and commended Senate leaders for “fulfilling this fundamental legislative and constitutional responsibility.” .”

The action means the US will avoid default until at least 2023.

Senate Majority Leader Charles Schumer (DN.Y.) and Senate Minority Leader Mitch McConnell (R-Ky.) Last week an agreement was reached to allow a one-time waiver of the debt ceiling increase approval by a simple majority. The Senate voted to pass the waiver last week with modest support from the GOP, although some Republicans have criticized the deal. GOP senators voted unanimously against raising the debt ceiling on Tuesday.

Republicans have repeatedly asked Democrats to raise the debt ceiling themselves by adjusting the budget, the same process they are aiming for to pass Biden’s massive climate and social policy bill.

But the White House has urged bipartisan action to raise the debt ceiling, pointing to the handful of times that Democrats have voted with Republicans to raise the debt limit in the Trump administration.

Still, the bill’s passage is good news for Biden, who now has a less pressing legislative issue to deal with before the Christmas break. Biden hopes to see the Senate push ahead with its social and environmental spending package next week, though Sen continues to be skeptical. Joe Manchin (DW.Va.) raised the question of how practicable.

Biden spoke with Manchin on Monday in what the White House described as a “constructive” conversation, but the discussions appeared to break on Wednesday, leaving the fate of the package in doubt.

https://kfor.com/news/biden-signs-debt-ceiling-increase-averting-default/ Biden shows signs of raising the debt ceiling, preventing default

JACLYN DIAZ

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