The House of Representatives increased the US debt limit to $480 billion. This will keep the federal government in bankruptcy until at least December 3.
Washington (Yes). – The House of Representatives of United States Congress voted with 219 votes to approve and 206 votes to deny the Senate’s mutually beneficial vote to increase the country’s debt ceiling to $480 billion to prevent government bankruptcy.
President Joe Biden will sign this rule into law. It is a budget amendment that expires on December 3 but allows the Capitol for negotiations to balance the budget between Republicans and Democrats.
The federal government receives funding from the legislative process to repay its debts due on October 18, which was originally set to mature. This $480 billion will be enough to finance budget compliance prior to December 3.
Democrats headed by House Speaker Nancy Pelosi proposed a long-term budget, but the Republicans opposed Biden’s infrastructure projects and social plans threatened to boycott the spending process and force the government to go bankrupt.
Pelosi and her fellow religious people finally voted on social project bills such as allowing young mothers in the workplace to breastfeed. This ended the legislative deadlock.
The votes can also be used to increase debt limits by voting on two other plans: To prevent older persons from being denied jobs and to expand support services for domestic violence survivors.
Biden’s February 2012 budget submission to Congress is still in progress. This includes issues such as infrastructure investment, climate changes, education benefits and pensions.
Biden’s fiscal year 2022 spending plan was approximately 3.5 trillion U.S. Dollars, but the Republican Party is determined to oppose the White House plan by cutting it by around 2 trillion U.S. Dollars.
Even though the Congress approved the short-term package, it prevents the federal government’s shutdown due to insufficient funding. It also allows Biden to work with Republicans to find alternatives to stop Republicans from disrupting federal operations for political reasons.