Nation’s Debt Extension

Nation%E2%80%99s+Debt+Extension

Ash Espinosa

The short-term increase to the debt limit is currently on it’s way to be approved by President Joe Biden. The debt limit will increase by $480 billion to pay bills until Dec. 3. 

On Thursday, Oct. 7, the Senate voted to extend the nation’s limit debt. The Senate approved votes were 50-48. Along with this, the Senate also voted to break a ‘filibuster’ (a prolonged debate to delay or prevent a vote) that was done by agreeing to also raise the debt ceiling. The voting resulted in an approval with 61-38 with 11 of the approving votes being from Republican senators. These voting results caused criticism from both Democrats and Republicans. 

On Tuesday, Oct. 12, the House of Representatives approved the extension of the nation’s debt limit. This occurred a week after the Senate passed the stopgap, to prevent default and economic disaster. 

As of Wednesday, Oct. 13, President Joe Biden only needs to sign for approval of the debt extension. The reason for the fast results is the deadline, Treasury Janet Yellen warned saying that the federal government will most likely run out of cash by Oct. 18 unless Congress raises the debt ceiling. 

While the deal has had some issues preventing it from being passed, the real problem is the two parties’ argument on how they will address the issue that has not been solved and action that will have to be taken. In this discussion, the Republican party believes the Democratic party should act alone on addressing the debt limit by progress called budget reconciliation. The Democratic party says that using the budget reconciliation process is, as stated, “too lengthy and unwieldy.” Moreover, they believe that the issue is a bipartisan responsibility. There’s pressure on both parties on finding a solution.