Chinanews, October 15th, a comprehensive report, US President Biden signed a short-term increase in the federal debt ceiling bill on the 14th local time, temporarily increasing the borrowing limit to 28.9 trillion US dollars, and postponing the deadline for debt default to December.
As a result, the US debt crisis has been officially eased temporarily.
Data map: Police are on guard at the square on the west side of the American Club Building.
Photo by China News Agency reporter Chen Mengtong
According to Reuters, if the debt ceiling is not raised, the U.S. Treasury Department has estimated that the U.S. will not be able to pay government bills by October 18.
After weeks of partisan struggle, the US Senate approved a short-term solution last week, and the House of Representatives passed the resolution on the 12th.
Senate Republican Leader McConnell wrote in a letter to Biden after the Senate vote that he would not help Democrats to raise the debt ceiling again.
McConnell hopes that Democrats will use a procedural measure called reconciliation to increase borrowing power, which does not require a Republican vote.
But the Democrats refused to use it as an option to remove the cap.
According to reports, the increased borrowing limit of US$480 billion in Biden's signing of the bill is expected to be used up on December 3.
The US Congress passed a provisional appropriation bill at the end of September to ensure that the federal government has sufficient funds to continue operations until December 3.
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.
It is reported that the debt ceiling is the maximum amount of debt set by the US Congress for the federal government to fulfill the payment obligations that have been incurred. Reaching this "red line" means that the US Treasury Department has exhausted its borrowing authorization.
The federal government’s debt ceiling was reinstated on August 1 this year after a two-year suspension.