House Passes Debt Ceiling Bill

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House passes bill that would suspend debt ceiling

By Ben Burke (Producer)

The house voted to approve a bill that would suspend the federal debt ceiling and avoid a looming government shutdown Tuesday night. The video above shows some of the debate, as well as the results of the vote.

The potential shutdown is set for the end of the month. The spending bill, unveiled earlier in the day Tuesday, would keep the government funded through Dec. 3 and extend the government’s borrowing authority through the end of 2022.

The Treasury Department warned it will soon run out of cash on hand. It would then have to rely on incoming receipts to pay U.S. debt, now at $28.4 trillion. That could force the Treasury to delay or miss payments.

“Doing so would likely precipitate a historic financial crisis,” Treasury Secretary Janet Yellen wrote in The Wall Street Journal.

In addition to funding the government and suspending the debt ceiling, the bill includes $28.6 billion in disaster relief for the aftermath of Hurricane Ida and other extreme weather events, as well as $6.3 billion to support Afghanistan evacuees in the fallout of the U.S. withdrawing its troops.

Despite passing in the House, the bill is expected to run into problems in the 50-50 Senate. Democrats will be hard-pressed to find 10 Republicans to reach the 60-vote threshold needed to overcome a filibuster.

“The plan B (on the debt ceiling) is there’s no plan B. You’ve got to pay your bills. This isn’t acquired debt. This is about paying your bills now,” Sen. John Tester said. “Everybody I serve with understands that this could be catastrophic if we don’t if we don’t pass the debt limit bill.”

Tuesday’s vote comes amid a push from the White House and most Democrats to pass President Joe Biden’s $3.5 trillion “build back better” plan. Sen. Mitch McConnell said because of this, he does not support a bill that would suspend the debt ceiling.

“Since Democrats decided to go it alone, they will not get Senate Republicans’ help with raising the debt limit,” Sen. McConnell said Monday. “I’ve explained this clearly and consistently for over two months.”

 

 

Rep. Steny Hoyer, Majority Leader: “As we continue to work with the Senate to finish that work, it is imperative that we adopt this continuing resolution to keep the government open and serving the American people during this challenging times. Continuing resolution also includes. This also includes much needed emergency funding for disaster relief. Communities along the Gulf Coast were hard hit by Hurricane Ida, and Western states are continuing to deal with the devastating wildfires.   At the same time Mr. Speaker, this legislation also includes additional funding to facilitate the resettlement of our Afghan allies and their families. It’s also essential that we suspend the debt limit to prevent a default that would trigger an economic catastrophe, not only here but around the world, and this continuing resolution includes such a suspension.”

“This is not a Democratic debt, it’s not a Republican debt, it is our debt is the debt of the United States of America. We don’t welch on our debts. We pay our debts.”

Rep. Dan Meuser, (R) Pennsylvania: “This is nothing short of big government socialism, suffocating free market capitalism while this bill works its way through Congress, Democrats are asking Republicans to sign a blank check for their reckless spending. The Democrats are asking us to suspend the debt ceiling for the remainder of their time in the majority to finance reckless spending while we stand on the sidelines, which we’re not going to do. As the Senate  minority leader recently put it, this is like co-signing a loan before a heavy gambler’s trip to Las Vegas. Democrats want unlimited borrowing authority to finance a big government socialist agenda, leaving the American people to pay for these tax spend irresponsible policies in more ways than one. We simply cannot stand for this.”

9. SOUNDBITE (English)  Rep, Fran Mrvan, (D) Indiana, presiding officer: “On this vote, the yeas are 220, and the nays are 211, with zero answering present. The bill has passed.”

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The house voted to approve a bill that would suspend the federal debt ceiling and avoid a looming government shutdown Tuesday night. The video above shows some of the debate, as well as the results of the vote.

The potential shutdown is set for the end of the month. The spending bill, unveiled earlier in the day Tuesday, would keep the government funded through Dec. 3 and extend the government’s borrowing authority through the end of 2022.

The Treasury Department warned it will soon run out of cash on hand. It would then have to rely on incoming receipts to pay U.S. debt, now at $28.4 trillion. That could force the Treasury to delay or miss payments.

“Doing so would likely precipitate a historic financial crisis,” Treasury Secretary Janet Yellen wrote in The Wall Street Journal.

In addition to funding the government and suspending the debt ceiling, the bill includes $28.6 billion in disaster relief for the aftermath of Hurricane Ida and other extreme weather events, as well as $6.3 billion to support Afghanistan evacuees in the fallout of the U.S. withdrawing its troops.

Despite passing in the House, the bill is expected to run into problems in the 50-50 Senate. Democrats will be hard-pressed to find 10 Republicans to reach the 60-vote threshold needed to overcome a filibuster.

“The plan B (on the debt ceiling) is there’s no plan B. You’ve got to pay your bills. This isn’t acquired debt. This is about paying your bills now,” Sen. John Tester said. “Everybody I serve with understands that this could be catastrophic if we don’t if we don’t pass the debt limit bill.”

Tuesday’s vote comes amid a push from the White House and most Democrats to pass President Joe Biden’s $3.5 trillion “build back better” plan. Sen. Mitch McConnell said because of this, he does not support a bill that would suspend the debt ceiling.

“Since Democrats decided to go it alone, they will not get Senate Republicans’ help with raising the debt limit,” Sen. McConnell said Monday. “I’ve explained this clearly and consistently for over two months.”

 

 

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