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January 1, Biden Increases US Debt Limit By $2.5T
President Joe Biden signed a bill raising the debt ceiling by $2.5 trillion, narrowly avoiding default on the nation’s debt.
The measure passed through the Senate and House on Tuesday. Both sets of votes were almost entirely along party lines.
Treasury Secretary Janet Yellen previously warned Congress that the federal government could default on its debt shortly after Wednesday if they failed to take action. The White House commended lawmakers for “fulfilling this fundamental legislative and constitutional responsibility.”
The move means the U.S. will avoid default until 2023.
Last week, Senate Majority Leader Charles Schumer (D-N.Y.) and Senate Minority Leader Mitch McConnell (R-KY) reached an agreement to allow a one-time exemption from the filibuster to approve the debt ceiling increase with a simple majority vote.
Source:
Biden signs bill hiking US borrowing limit by $2.5 trillion
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Rodney
December 18, 2021 at 4:18 am
Why do they keep on with this debt limit? Just raise it to ONE HUNDRED TRILLION and be done with it for about 20 years. Who cares how much our debt is we will never pay it down or even try to. Their goal is to destroy the American economy so get it over with and lets see what happens. We are going to be there any way.This is one of the reasons our CORRUPT so-called leaders cannot get enough money. They know it will be worthless down the road. And believe me they are into gold silver and probably bitcoin and other digital money. Because the world wants the U.S. to fail so they can finally say Capitalism does not work. And they can really push their Communism. And this failure is all due to our GOVERNMENT everything they are doing is to destroy America.