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Congress votes to increase debt limit to $2.5 trillion extending through 2023, avoiding default

Congress averted a catastrophic default early Wednesday morning after a Democratic majority in both houses voted to pass the nation’s borrowing power to $2.5 trillion for President Joe. Biden in the face of Republican opposition. Wednesday morning in a 221-209 near partisan vote, defuse an issue of uncertainty until after the 2022 midterm elections. The action came just hours before a deadline set by the Finance Secretary Janet Yellen, who warned last month that she was running low on maneuverability to avoid the nation’s first default. “questioning,” Speaker Nancy Pelosi said in the House of Representatives shortly before the vote. Meanwhile, Republicans said they were confused by the Democrats’ scramble for action. R-Texas. Founded in 1917, it instead acted as a brake on spending decisions that had been endorsed by Republicans and Democrats alike – in some cases decades ago. — that going unpaid could paralyze markets, put the economy in jeopardy and shake global confidence in the US. failed to stop Republican sword attacks. For months, they have used the debt limit to attack the Democratic Party’s big-spending social and environmental agenda while staunchly pledging to oppose the current effort to raise the threshold. In October, Senate Minority Leader Mitch McConnell said he would not be “participating in any future efforts to mitigate the consequences of Democratic mismanagement.” a solution that would allow Senate Democrats to pass legislation with a simple majority while avoiding Republican infractions. “This is about paying off the accumulated debt on both sides,” Schumer, DN.Y., said Tuesday while praising the deal. his party. But it also gave him much of what he wanted: Democrats entered a politically difficult vote without Republican support, while raising the limit by a single dollar. The incredible la is sure to appear in future offensive ads. “If they pass another round of taxes and spending, this massive increase in debt will only be the beginning,” the Kentucky Republican said Tuesday. not brave enough to play Debt Tran, which would have given the Republicans a complete victory over almost everything. In a statement released Sunday, Republican Senator Mike Lee of Wyoming also criticized the complicated process Schumer and McConnell agreed to, which he warned could be used in the future to “washed” potentially unpopular votes while bypassing the normal way the Senate works.Under the agreement, an amendment was made to the unrelated Medicare bill that passed. Last week with Republican votes, it created a one-time, quick process to raise the debt limit that would allow Democrats to do so with a simple majority, bypassing the 60-vote threshold to avoid being opposed by the GOP. Last week “appears as something other than helping Democrats raise the debt ceiling”, which he said Republican leadership “committed, in writing to no more than zero poor, don’t do.” $28.9 trillion load has been growing for decades. Key drivers include popular spending programs, like X Security Social Security and Medicare, interest on debt, and recent COVID-19 relief packages. However, taxes are also a major factor, and a series of tax cuts enacted by Republican presidents in recent decades have also added to the debt. Shows. The 2017 tax cuts championed by the GOP are expected to add between $1 trillion and $2 trillion in debt, according to the Nonpartisan Tax Policy Center, according to the Center for Nonpartisan Tax Policy.

Congress averted a catastrophic default early Wednesday morning after a majority of Democrats in both houses voted to send a $2.5 trillion increase in the nation’s borrowing power. for President Joe Biden in the face of Republican opposition.

Limited to a marathon day, the House of Representatives passed the final legislation early Wednesday morning on a near partisan 221-209 vote, settling the issue of unrest until after the 2022 midterm elections. The move comes just hours before a deadline set by Treasury Secretary Janet Yellen, who warned last month that she was running out of ability to maneuver to avoid the nation’s first default.

“The complete faith and credibility of the United States has never been questioned,” Speaker Nancy Pelosi said in the House of Representatives shortly before the vote.

However, the bill – which attracted only one Republican vote in the House, from Illinois Representative Adam Kinzinger – also left Democrats vulnerable with a tough vote on the top. of an election year when both houses will contest.

Republicans, meanwhile, say they are confused by the Democrats’ scramble for action.

“Democrats have known this day would come for two years and did absolutely nothing,” said Representative Kevin Brady, R-Texas.

Although a name sounds simple, the country’s debt limit does not help reduce debt in the future. Founded in 1917, it instead acted as a brake on spending decisions that had been endorsed by Republicans and Democrats alike – in some cases decades ago. — that going unpaid could paralyze markets, put the economy in jeopardy and shake global confidence in the United States.

That hasn’t stopped Republican bewilderment. For months, they have used the debt limit to attack the Democratic Party’s big-spending social and environmental agenda while staunchly pledging to oppose the current effort to raise the threshold. As recently as October, Senate Minority Leader Mitch McConnell said he would not be “participating in any future efforts to mitigate the consequences of Democratic mismanagement.”

However, McConnell has softened his opposition, reaching an agreement with Senate Majority Leader Chuck Schumer last week that creates a settlement that would allow Senate Democrats to pass legislation with simple majority while avoiding Republican opposition.

“This is about paying off the accumulated debt of both parties,” Schumer, DN.Y., said Tuesday while praising the deal.

McConnell’s actions infuriated some in his group. But it also gave him much of what he wanted: Democrats entered a politically difficult vote without Republican support, and raised the limit by a single dollar. The incredible la is sure to appear in future offensive ads.

“If they pass another round of taxes and savings, this massive debt increase will only be the beginning,” the Kentucky Republican said on Tuesday.

The decision has proven unpopular with some Republicans, especially Donald Trump.

The former president has repeatedly opposed the deal, calling McConnell a “broken old crow” who “didn’t have the guts to play the Debt Debt card, which Republicans should have won outright on.” almost anything.”

“RID OF MITCH!” Trump said in a statement released Sunday.

Republican Senator Mike Lee of Utah also criticized the complicated process Schumer and McConnell agreed to, which he warned could be used in the future to “wash” potentially unpopular votes. while ignoring the normal mode of operation of the Senate.

Under the agreement, an amendment was made to the unrelated Medicare bill that passed last week by Republican votes. It created a one-time, quick process to raise the debt limit that allows Democrats to do this with a simple majority, bypassing the 60-vote threshold to avoid opposition by the GOP.

Lee said the process is intended to make last week’s Republican votes “like something other than helping Democrats raise the debt ceiling,” something he says the party leader has said. Republic “committed, in writing no less, not to do.”

However, Republican arguments against raising the debt limit often overlook inconvenient realities.

The nation’s current debt of $28.9 trillion has been growing for decades. Key drivers include popular spending programs, like Social Security and Medicare, interest on debt, and recent COVID-19 relief packages. But taxes are also a major factor, and a series of tax cuts enacted by Republican presidents in recent decades have also added to it.

The national debt includes $7.8 trillion piled up during Trump’s four-year presidency, an analysis of Treasury records shows. The 2017 tax cuts championed by the GOP are expected to add between $1 trillion and $2 trillion in debt, according to the Nonpartisan Tax Policy Center, according to the Center for Nonpartisan Tax Policy.

https://www.kcra.com/article/senate-debt-limit-action/38515877 Congress votes to increase debt limit to $2.5 trillion extending through 2023, avoiding default

JOE HERNANDEZ

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