US Congress leaders agree to increase debt limit

WASHINGTON (AP) – US Congressional leaders reached a complicated agreement Tuesday that would allow Democrats to raise the country’s debt limit without a Republican vote, likely avoiding a last-minute rush to avoid a federal default. The House of Representatives is expected to pass legislation late Tuesday that will kick-start the entire process.

Congress approved a $480 billion increase in the country’s debt limit in October. That’s enough for the Treasury to fund government operations until December 15, according to Treasury Secretary Janet Yellen’s projection.

However, Republicans have warned that they will not vote for any future increases in the debt limit to ensure that the federal government can meet its fiscal obligations and, instead, reject the politically unpopular measure by a majority vote. Must be fully approved. in both houses of Congress

President Joe Biden called on Republicans to “get out of the way” if they were not going to help Democrats take responsibility for the debt, but instead of stepping aside and allowing a speedy vote, Republicans in the Senate The minority leader, Mitch McConnell, has helped design an unusual legislative process that will unfold over the next few days.

Former President Donald Trump ridiculed McConnell for allowing any action, showing how politically toxic the routine act of paying the nation’s bills has become.

“I think it’s the best thing for the country,” McConnell said. “I think it’s also in the best interest of Republicans, who feel very strongly that the previous debt limit that we agreed upon when President Trump was here led us through August. This current debt limit is really I am about the future and not the past,” he said.