On October 12, local time, the U.S. House of Representatives passed a bill to raise the federal government’s debt ceiling with 219 votes in favor and 206 votes against it.

Since the Senate passed the bill last week, the bill will then be submitted to President Biden for signature.

The bill will temporarily raise the debt ceiling by approximately US$480 billion to ensure that the US Treasury Department can fulfill its payment obligations until December 3, temporarily avoiding the risk of government debt default.

  If the two parties in Congress cannot reach an agreement on the budget and debt ceiling for the new fiscal year before December 3, the federal government will once again face the double risk of government shutdown and debt default.

(Making Yueziyan)

Editor in charge: 【Luo Pan】