Biden signs bill raising U.S. debt limit, averting default
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[October 15, 2021]
WASHINGTON (Reuters) -U.S. President
Joe Biden on Thursday signed legislation temporarily raising the
government's borrowing limit to $28.9 trillion, pushing off the deadline
for debt default only until December.
Without the increase in the debt ceiling, the U.S. Treasury had
estimated it would run out of money to pay the nation's bills on Oct.
18.
The $480 billion increase in the borrowing limit signed by Biden is
expected to be exhausted by Dec. 3.
Following weeks of partisan fighting, the Senate approved the short-term
fix last week and the House of Representatives passed it on Tuesday.
Senate Republican leader Mitch McConnell wrote in a letter to Biden
after the Senate vote that he would not help Democrats again in raising
the debt limit.
McConnell wants Democrats to use a procedural move known as
reconciliation, which would not require Republican votes, to raise the
borrowing authority. Democrats have rejected that as an option for
lifting the cap.
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President Joe Biden hosts a virtual coronavirus disease (COVID-19)
Summit as part of the United Nations General Assembly (UNGA) from
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Republicans say raising the debt limit is Democrats'
problem because of Biden's proposed $3.5 trillion spending plan to
invest in expanded social services and address climate change.
Democrats note that they voted to raise the debt ceiling during
Republican Donald Trump's administration even though they opposed
deep tax cuts that added to the debt.
(Reporting by Eric Beech; Editing by Sandra Maler)
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