October 13, 2021 20:22 PM
The U.S. House of Representatives voted to pass a bill to temporarily raise the government debt ceiling
[China News Service Washington]The US House of Representatives voted on the evening of the 12th local time to temporarily raise the government debt ceiling bill to avoid government debt default.
In the voting that night, 219 votes were in favor and 206 votes were against, and the voting results were drawn according to party affiliation. Because the bill has been passed in the Senate before, it will be sent to the White House to be signed into law by the President.
Prior to this, US Treasury Secretary Yellen has repeatedly warned that the unconventional measures being taken by the Treasury Department are expected to be exhausted on October 18, when the government will face debt default. If the government debt defaults, the credit of the United States will be damaged, and the country will face a financial crisis and economic recession.
The bill passed this time raises the government debt ceiling by US$480 billion to maintain the current level of federal government spending until December 3 this year. If the two parties cannot reach an agreement on the debt ceiling by then, the federal government may still face the risk of debt default.
After the vote ended that day, Democratic Congressman Jim McGovern said that although the bill was only a temporary solution to the problem, it avoided “catastrophe” and gave the two parties time to discuss a long-term solution to the debt ceiling problem.
Republican Congressman Tom Cole said that unless the Democrats give up building a “big government, socialist America,” the Republicans will no longer support raising the government debt ceiling.
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