U.S. House of Commons suspends debt ceiling until December to avoid default

With the final approval of an initiative by Congress, the United States on Tuesday avoided a national debt default as of October 18, when its funds would run out, but it must debate the issue again before December.

In recent weeks, the debt problem has turned into a thriller in Washington. Disagreement between Democrats and Republicans They put the country on the brink of default for the first time in its history.

However, on Tuesday, the Democratic-majority House of Representatives successfully passed a bill Raise the $480 billion debt ceiling, The amount will enable the country to pay its outstanding debts by December 3.

The initiative was passed with 219 votes in favor and 206 votes against, and will now be sent to the White House for US President Joe Biden to sign and become law.

“Russian Roulette”

Before the proposal was approved, Democratic House Speaker Nancy Pelosi sneered and accused Senate Republican leader Mitch McConnell Playing “Russian Roulette” in the American economy for several weeks.

“What are your dissatisfaction with our own economy?” Pelosi accused the Republicans.

“This disaster against our workers may have an impact for more than a hundred years. Does it matter to them? Is there still a world economy?” he added. “Frozen global credit markets, Falling stocks and layoffs in companies around the world To his employees”.

Pelosi painted a grim picture of what might happen if Congress does not act.

The United States has never announced a suspension of payment of its national debt, but it was very close in 2011. The possibility of such a situation alone triggered chaos in the financial market and caused the risk rating agency Standard & Poor’s to reduce the country’s debt level. Solvency description.

The possibility of a recession in the United States ultimately caused damage to McConnell, who sprained his arm last week.

Specifically, McConnell decided to abandon the parliamentary mechanism that requires an absolute majority to pass the law and allow the Democrats to pass the measure alone in the Senate.


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