“It’s about the kitchen table, it’s about our economy and the global economy, but it’s also about our Constitution that says the whole faith and credit of the United States should not be in doubt,” House Speaker Nancy Pelosi, a California Democrat, told reporters Tuesday of the need to raise the debt limit. “The validity of the United States public debt, permitted by law, should not be questioned.”
The 219-206 vote temporarily ended a week full of drama filled with speculation as to whether the narrow Democratic majority could prevent a potentially catastrophic debt plateau.
The vote officially increases federal debt capacity by approximately $ 480 billion, which officials estimate will keep the government afloat until early December. Without that increase, the U.S. Treasury estimates that the United States will stand in default on its debt for the first time in the coming week. A government default would send shockwaves through the U.S. and world economies, they predicted.
The Democrats ’vote also provides an opportunity to revert to other priorities that have been set aside until the debt limit is met.
Last week, the US Senate hashes an agreement to temporarily lift the debt ceiling, with Senate Minority Leader Mitch McConnell describes the delay as an opportunity for Democrats to sort out a plan for approving a more permanent solution without bipartisan support.
McConnell cited the $ 1 trillion infrastructure package and a separate expansion of the social safety net that could cost a trillion — both key pieces of Biden’s agenda — as reasons they wouldn’t support a further increase. Democrats have argued that the debt limit, which was increased several times under Republican control during the Trump administration, reverts to policies approved under the former president.
Chief of Staff of the United States Senate Chuck Schumer, a New York Democrat, erupted from Republicans who voted to raise the debt limit last week as he climbed to the floor to blow the GOP into the imminent crisis.
“Republicans have played a dangerous and dangerous partisan game, and I’m glad their brinksmanship didn’t work,” Schumer said shortly after the vote. “For the good of American families, for the good of our economy, future Republicans must recognize that they must approach fixing the debt limit in a bipartisan way.”
McConnell, a Kentucky Republican who offered a deal to Democrats after weeks of saying Republicans would not join the majority in raising the debt limit, returned in an angry letter to the President Joe Biden, who called Schumer “childish.”
“I will not provide such assistance again if your all -Democrat government moves into another inevitable crisis,” he wrote.