Washington: US President Joe Biden on Thursday signed a law temporarily increasing the government loan limit to $ 28.9 trillion, pushing the deadline for debt only until December.
Without increasing debt ceiling, the US Ministry of Finance estimates that it will run out of money to pay the nation’s bill on October 18.
An increase in $ 480 billion in loan limits signed by Biden is expected to run out on December 3.
The Sunday partisan battle, the Senate approved the short-term improvement last week and the House of Representatives passed it on Tuesday.
The Senate leader of the Republic of Mitch McConnell wrote in a letter to Biden after the Senate voting that he would not help the Democrats again in raising the debt limit.
McConnell wants Democrats to use procedural steps known as reconciliation, which will not require the sound of the Republic, to increase loan authorities.
Democrats have refused it as an option to lift the lid.
The Republican Party said that raising the debt limit was a Democratic problem because Biden proposed a $ 3.5 trillion expenditure plan to invest in expanded social services and overcome climate change.
Democrats note that they chose to increase the debt ceiling during the reign of the Republic of Donald Trump even though they opposed tax cuts that added debt.
Biden signed Bill increasing US debt limit, preventing the default
