Biden signs bill raising US debt limit, averting default
US President Joe Biden on Thursday signed legislation temporarily raising the government's borrowing limit to $28.9 trillion, pushing off the deadline for debt default only until December.
Without the increase in the debt ceiling, the US Treasury had estimated it would run out of money to pay the nation's bills on Oct. 18.
The $480 billion increase in the borrowing limit signed by Biden is expected to be exhausted by Dec. 3.
Following weeks of partisan fighting, the Senate approved the short-term fix last week and the House of Representatives passed it on Tuesday. read more
Senate Republican leader Mitch McConnell wrote in a letter to Biden after the Senate vote that he would not help Democrats again in raising the debt limit. read more
McConnell wants Democrats to use a procedural move known as reconciliation, which would not require Republican votes, to raise the borrowing authority. Democrats have rejected that as an option for lifting the cap.
Republicans say raising the debt limit is Democrats' problem because of Biden's proposed $3.5 trillion spending plan to invest in expanded social services and address climate change.
Democrats note that they voted to raise the debt ceiling during Republican Donald Trump's administration even though they opposed deep tax cuts that added to the debt.
(Source: Reuters)
US intensifies security measures amid anticipated post-election unrest
Russia rejects 'baseless' US claims of producing fake vote videos
Ex-detainee held at Guantánamo Bay for two decades dies in Pakistan
VIDEO | Press TV's news headlines
Iranian satellites launched into space as private sector debuts in space industry
VIDEO | Iran, Azerbaijan conduct joint maritime rescue operations
VIDEO | Yemen’s Red Sea divide: Naval forces block Israeli-linked ships in strategic ‘parting of the water’
VIDEO | Southern Gaza: Israel’s facade for famine and suffering
VIDEO | IOF hampering humanitarian aid
VIDEO | Sharmahd: Justice Done
Iran repeatedly warned Israel not to test its will: FM
PressTV NEWSLETTER
now
This makes it easy to access the Press TV website
