House Approves Short-Term Increase to Debt Ceiling
What Happened:
On Tuesday, the House of Representatives approved a short-term increase to the nation's debt limit, thereby averting an unprecedented debt default which could have thrown the US economy into a depression. The vote passed along party lines, 219-206.
The $480 billion bill, which passed in the Senate last week, will now go to President Biden so he can sign it into law.
Treasury Secretary Janet Yellen warned that if the US had defaulted on its debts, it would have affected the global financial markets and thrown the US economy into a depression.
The passage of the bill will avoid this issue, albeit temporarily, as the bill will only pay the US government's bills until December.
Republicans and Democrats have fought about increasing the debt limit ceiling, with Democrats saying it is necessary to avoid an economic catastrophe and Republicans making it clear that they won't make it any easier come December.
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