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The House of Representatives on Tuesday voted 219-206 to approve a short -term increase in the federal debt ceiling, ending the financial disaster and ending – for now – to tighten negotiations between the two major parties.
The vote of the House is after the Senate last week passed the measure, which would prevent the country from default on debt obligations.
The bill increases borrowing limit by $ 480 billion – an amount the Treasury Department estimates that debt payments should keep flowing until Dec. 3.
If a Congress fails to reach an agreement, the downfall is “disaster, ”said Treasury Secretary Janet Yellen, who has child tax credits, Social Security benefits and military paychecks hanging in the balance.
The December deadline is a compromise between Republicans and Democrats, but the path for a longer -term solution remains unclear.
Republicans insist, Democrats are using the Senate conciliation process to raise the debt ceiling on a party-line basis, but Democrats have changed the idea, citing how willing Republicans are to raise the limit on borrowing three times under former President Donald Trump.
December 3 also when the government funding is set to run out.
The fight against debt comes as Democrats are also pushing to invest trillions of dollars in a number of social and climate programs. Against that has its own set of problems, as the progressive wing of the party wants more ambitious spending while party centrists seek a thinner package to push through Congress.