• Democrats' bill to raise U.S. debt limit clears first House hurdle

    22 Sep 2021 | Economic News
  

Democrats' bill to raise U.S. debt limit clears first House hurdle



A bill backed by Democrats to fund the U.S. federal government through Dec. 3 and suspend its borrowing limit until the end of 2022 cleared a House of Representatives procedural vote on Tuesday, advancing to a final debate and vote.


Even if the measure passes the Democratic-controlled House when it votes on the full bill later on Tuesday, it faces a major roadblock in the Senate, where Republicans have vowed to oppose it.


House Speaker Nancy Pelosi and Senate Majority Leader Chuck Schumer on Monday set the stage for a showdown with Republicans when they said they would combine spending and debt measures in one bill, despite Senate Republican Leader Mitch McConnell's vow to block an increase in the $28.4 trillion debt ceiling.


On Tuesday, McConnell reiterated that vow. But he also said, "I want to repeat once again: America must never default. We never have and we never will."



Reference: Reuters

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