By Kevin Freking -
The Associated Press
Members of the House of Representatives are preparing to vote on Tuesday for the short-term approval of the debt ceiling and guarantee that the federal government can continue to pay its outstanding debts until December.
The Senate last week validated
a bill
that would raise the debt limit to $ 480 billion
.
The House is expected to pass it without much difficulty so that President Joe Biden can sign it into law this week.
The House of Representatives of Congress, in an image taken in January 2021.
Scott Applewhite / AP
The Secretary of the Treasury, Janet Yellen, had warned that on Monday, October 18, the measures to prevent the country from falling into a default in the payment of its debts or
default
would be exhausted
and that, from then on, her department would soon be incapable to fully comply with the Government's financial obligations.
Failure to
default
would have catastrophic consequences on global financial markets
built on the basis of US public debt.
Regular government payments to Social Security recipients, disabled veterans, and active duty military personnel would also be compromised.
[What is the debt ceiling and what would the historical crisis look like if Congress does not expand it]
"
It is appalling that our nation is in this situation
, but we must take immediate action to address the debt cap and ensure that America's full credit faith and confidence remains intact," said the House Majority Leader. of Representatives, Democrat Steny Hoyer.
But the relief provided by the bill's passage will only be temporary, forcing Congress to
re-examine this issue in December
, when lawmakers will also be working to finish federal spending bills and avoid a damaging government shutdown.
This situation threatens to spell a tumultuous close to Biden's first year in office.
Republicans support Democrats to raise the debt ceiling until December
Oct. 7, 202100: 34
Tension around the debt ceiling eased last week
when Senate Republican Leader Mitch McConnell of Kentucky agreed to approve the short-term increase.
However, it has already warned that it will not do so again.
In a letter sent to Biden on Friday, McConnell noted that
Democrats will have to manage the next
debt
limit increase
on their own, using the same process they have tried to apply to pass their huge social and environmental spending plan.
[Congress is at a standstill on the debt ceiling: 5 possible scenarios]
It's about the reconciliation process, which allows a measure to pass the Senate with 51 votes instead of the 60 normally required.
In a 50% split Senate,
Vice President Kamala Harris uses her Democratic vote to tie the tie
.
McConnell has tried to link the large increase in Biden's federal government spending to the country's growing debt burden, even though they are separate issues and the debt ceiling has to be raised or suspended regardless of whether the plan for $ 3.5 trillion the president goes ahead.
The current debt ceiling is $ 28.4 trillion.
Both parties have contributed to that burden with decisions that have left the federal government in the red.
