In the US, the specter of default, a race against time to approve the budget
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October 13, 2021 Even the US Chamber, after the Senate, has given the green light to the agreement to raise the debt ceiling until December 3 and avoid default, adding 480 billion dollars.
Now only the signature of President Joe Biden is missing.
With the law approved by the House, the debt ceiling will increase by $ 480 billion, selling to $ 28.9 trillion. These 480 billion, according to the Treasury Department, will allow the United States to pay debts until December 3. Now it will be up to President Joe Biden to sign by October 18, when the administration would no longer be able to pay. In less than two months, Congress will have to find a new measure to prevent the accounts from 'defaulting'. The procedure followed so far is reminiscent of that of fiscal 2011, when a Budget Control Act was finally approved, a law that provided for an increase in the debt ceiling in three stages. Even then there was resistance from Congress. The measure just approved,after months of clashes between Democrats and Republicans, it does not authorize new spending, but will allow the government to honor its financial commitments, including interest on debt and the payment of pensions and health care for the vulnerable.