US President Joe Biden has signed a law that temporarily raises the debt ceiling, which has prevented default. This was reported by the Ukrainian-language publication “Radio Liberty” (funded by the US Congress).
Kyiv. Ukraine. Ukraine Gate – October 15, 2021 – International News
Increasing the debt limit by $ 480 billion, raising the threshold to $ 28.9 trillion, is only a temporary measure. It is expected that this limit will be exhausted by December 3, and lawmakers will again have to deal with the issue of the national debt ceiling.
The US Treasury Department has previously estimated that without an increase in the amount that the US government can borrow, October 18 will run out of money to pay national bills.
The Senate approved a temporary increase in the debt limit last week, and the House of Representatives backed the document on October 12, submitting it to the president for signature.
The bill was delayed because Republicans insisted that Democrats should take sole responsibility for raising the debt limit because their party wants to spend trillions of dollars on expanding social programs and fighting climate change.
Democrats argue that an increase in borrowing power is needed largely to cover the cost of tax cuts and existing spending programs.
Source: Ukrgate
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