Atlanta, Georgia 2021-09-21 22:08:15 –
The House of Representatives will maintain government funding late Tuesday, suspend federal debt limits, provide disaster and refugee assistance, and high stakes with the Republican Party against the package, despite the risk of causing a financial crisis. It was resolved to set up a confrontation.
The federal government will face a closure on September 30th, the end of the fiscal year, when funding stops at midnight next Thursday. In addition, at some point in October, the United States is at risk of defaulting on debt accumulation if the borrowing limit is not exempted or adjusted.
In a hurry to prevent its disastrous consequences, the Democratic-led house passed the bill by voting by the 220-211 party. The bill is currently being submitted to the Senate, and overwhelming Republican opposition could lead to the Senate.
“If we don’t act now to stop this unnecessary and preventable crisis, our country will suffer a great deal,” said House majority leader Steny Hoyer, Democratic Party, shortly before the vote. rice field.
Backed by the White House, Democratic leaders pushed the package to approval during times of great uncertainty in Congress. Lawmakers have already grabbed the $ 3.5 trillion price tag on President Joe Biden’s broad “better buildback” agenda and soon after the next deadline to avoid serious problems in the event of a failed government-funded vote. I paid attention to.
The package, approved on Tuesday, will retain government funding until December 3rd and will provide temporary funding to expand borrowing rights until the end of 2022. Assisting Afghan refugees in fallout from the end of the 20-year war.
By suspending the debt cap, the government can meet its already-occurring financial obligations, but the Republicans argued that it would encourage spending overeating in the coming months.
“I don’t support signing a blank check because this majority has been expanding the most reckless government for generations,” Republican Rep. Dan Muser said during the debate. rice field.
Senate Republican leader Mitch McConnell relied on bipartisan cooperation to approve debt restrictions when the Republicans were in charge because the Democrats dominate the White House and Congress. Said it was their problem to find a vote.
“The debt cap will be raised as usual, but it will be raised by the Democratic Party,” McConnell said.
In the 50-50 Senate, Democrats will have a hard time finding 10 Republicans who reach the 60-vote threshold needed to overcome filibuster.
“This is play with fire,” said Senate leader Chuck Schumer, DN.Y.
The Treasury has been using “special measures” to fund the government since the last suspension of debt restrictions expired on July 31, and at some point next month there will be no cash reserves. I predict that. Then it would have to rely on receipts now coming in for $ 28.4 trillion to pay that obligation. It can force the Treasury to delay or miss payments, a catastrophic situation.
Mark Zandi, Chief Economist at Moody’s Analytics, has warned whether legislators will allow federal debt defaults. “This economic scenario is catastrophic.”
In a report circulated by the Democratic Party, Zandy warns that a potential recession from government funding cuts will cost 6 million jobs and stock market losses will wipe out $ 15 trillion in household wealth. bottom.
Once a routine issue, raising debt caps has become a political weapon of choice for Republicans in Washington since the arrival of Tea Party lawmakers in 2011. At that time, they opposed more spending and standoffs caused a financial crisis.
Reflecting that strategy, McConnell is in good shape with his party, but some Republican senators may struggle to vote against it.
Louisiana Republican John Kennedy, who will run for next year’s elections after the state is hit by a hurricane, said he was likely to vote for the increase. “My people are desperately in need of help,” he said.
“In our view, this should not be a controversial vote,” White House spokesman Jen Psaki told reporters. Mr Saki said Congress has raised its debt cap many times on a bipartisan basis, including three times under President Donald Trump.
Democratic chairman of the House Expenditure Commission, Rosa De Lauro, said after some in the Democratic Caucus opposed including $ 1 billion in Israel’s Iron Dome defense system to intercept shorts with missiles. Forced to introduce another version of the bill on Tuesday-a range rocket was launched into the country.
Israeli defense issues divide Democrats, but De Lauro assured colleagues that money for the weapons system would be included in the annual defense spending bill. Heuer said he would go one step further this week by submitting a bill to replenish the Iron Dome system.
The Republicans were very critical of the change and vowed to stand as an ally with Israel.
Behind the scenes, meanwhile, Democrats were negotiating Biden’s big “better buildback” package. The price tag is likely to go down and beat the skeptical councilor who sees it too much.
Publicly, the White House is billing despite the sharp differences between progressives and moderates within the party regarding the final size of the package and the accompanying $ 1 trillion bipartisan infrastructure bill. I continue to be confident that it will be passed soon.
Biden himself was given a call to Kajol, a member of the Diet, as the White House rushed to reach Democrats in Capitol Hill. The president said he had a recent meeting with key centrists Senator Joe Manchin (Democratic Party) and Kyrsten Sinema (Arizona), according to a White House official who was familiar with the phone and acknowledged his anonymity. Beyond that, we are discussing with a large number of lawmakers. Discuss them.
Biden’s big initiative affects almost every aspect of American life. It imposes tax increases on companies and wealthy Americans with annual incomes in excess of $ 400,000, and spends the money on government health, education, family support, and environmental efforts to combat climate change, for men and women of all ages. Give back to the federal program.
Republicans are against Biden’s vision, Democrats don’t have enough votes in the Senate, and only a few votes in the House.
Speaker of the House Nancy Pelosi has promised to vote on September 27 for a $ 1 trillion public works project that has already passed the Senate.
The bipartisan bill should be a simple legislative lift, but it also faces a political obstacle course. Dozens of members of Parliamentary Progressive Caucus are expected to vote against it if it is ahead of the broader Biden package. And centrists will not vote for a broader package unless it is guaranteed that bipartisan bills will also be included.
House OKs debt and funding plan, inviting clash with GOP Source link House OKs debt and funding plan, inviting clash with GOP