U.S. House votes Tuesday on debt limit, testing Republican roadblock
Economy1 hour ago (Sep 21, 2021 10:26AM ET)
© Reuters. FILE PHOTO: The sun rises behind U.S. Capitol ahead of a weekend “Justice for J6” rally in Washington, U.S., September 13, 2021. REUTERS/Jonathan Ernst
WASHINGTON (Reuters) -The U.S. House of Representatives on Tuesday is scheduled to debate and vote on legislation to fund the federal government through Dec. 3 and raise the nation’s borrowing limit, according to the House Appropriations Committee.
House of Representatives Speaker Nancy Pelosi and Senate Majority Leader Chuck Schumer set the stage for a showdown with Republicans on Monday when they said they would combine the spending and debt measures in one bill, despite Senate Republican Leader Mitch McConnell’s vow to block an increase in the $28.4 trillion debt ceiling.
Congress faces a Sept. 30 deadline for approving stop-gap funding that would avert partial government shutdowns with the start of the new fiscal year on Oct. 1.
Sometime in October, the Treasury Department will exhaust its borrowing authority unless the debt limit is raised from its current $28.4 trillion ceiling.
The bill would suspend the limit on government borrowing through December 2022.
The current debt ceiling already has been breached, with debt at $28.78 trillion. It is temporarily being financed through Treasury Department “extraordinary measures” that are projected to be exhausted in October.
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.