
Lawmakers Reach Deal to Raise Debt Limit
December 9, 2021 6:40 amOn Tuesday, the House approved legislation that will pave the way for an increase to the debt ceiling after both sides agreed to an unusual procedure.
On Tuesday, the House approved legislation that will pave the way for an increase to the debt ceiling after both sides agreed to an unusual procedure.
Last night, the House voted to pass legislation to prevent a government shutdown at the end of the month and suspend the nation’s borrowing limit. The party line vote was 220-211.
Democrats announced they would attach a 15-month suspension of the federal debt limit to a stopgap funding bill, a measure opposed by Republicans. House is expected to vote on September 21.
On Monday, President Barack Obama signed a two-year budget agreement that raises the debt ceiling until March 2017 and lifts spending limits through September 2017.
On Monday, the White House and Congressional leaders reached a two-year bipartisan budget deal that would, among other items, raise the Budget Control Act caps by $80 billion and increase the government’s borrowing authority.
Late last week, the Treasury Department moved up the deadline for raising the government's borrowing authority from Nov. 5 to Nov. 3, putting additional pressure on House Speaker John Boehner (R-Ohio) to raise the debt limit before he resigns.
Treasury Secretary Jacob Lew recently urged House Speaker John Boehner (R-Ohio) to raise the debt limit as soon as possible, as the debit limit’s suspension is set to expire on March 16.