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Parliamentary leaders are likely to reach an agreement to raise debt caps and avoid defaults

Washington — Parliamentary leaders reached another last-minute rush to avoid federal defaults on Tuesday, reaching an elaborate agreement that would allow Democrats to raise the country’s debt limits without a vote from the Republicans. May be avoided. Hours later, the House of Representatives passed the bill overwhelmingly in line with the party’s policy of initiating a multi-step process.

Parliament approved a $ 480 billion increase in the country’s debt limit in October. Treasury Secretary Janet Yellen predicts that this is sufficient for Treasury Secretary to fund the operation of the government until December 15.

But Republicans I warned They did not vote for future debt cap increases to allow the federal government to meet its financial obligations, instead politically unpopular measures were taken in both parliaments. Must be fully passed by a majority of the Democratic Party.

President Joe Biden called on the Republicans to “get out of the way” if they didn’t help the Democrats take on debt. However, Senate Republican leader Mitch McConnell has helped design unusual legislative processes that will take place over the next few days, rather than allowing them to leave and vote immediately. Former President Donald Trump ridiculed McConnell for allowing all actions and showed how politically toxic the routine act of paying national bills became.

“I think this is in the country’s greatest interest,” said Republican McConnell. “I think it’s also in the best interests for Republicans who feel very strongly that the previous debt cap we agreed upon when President Trump was here carried us until August. The current debt cap is certainly about the future, not the past. “

The agreement specified in the House bill passed on Tuesday will establish the process for the next few days. In short, it will push provisions to expedite the debt restriction process into irrelevant Medicare bills and prevent payment cuts to doctors and other healthcare providers. The bill passed the House of Representatives with a vote of 222-212, with only Republican Rep. Adam Kinzinger of Illinois standing by the Democrats in voting on the bill.

“Republicans cannot support patient use and access to local doctors as a means of increasing children’s national debt,” said Kevin Brady, R-Texas.

The bill now goes to the Senate, and if the Medicare bill becomes a bill, the Senate will begin the process of raising debt caps through subsequent legislation by the Democratic Party’s only majority vote.

Senate leader Chuck Schumer, DN.Y. Gave optimism that the debt cap plan would pass.

“This is a very good result for Americans. Avoid disastrous defaults. Democrats have always said they are willing to pay 50 votes to accomplish this, unless it’s a complex and dangerous process. And leader McConnell and I achieved that. “

The key to the agreement is that the Democratic Party needs to vote for a certain amount to lift the debt cap. The amount hasn’t been disclosed yet, but it’s definitely going to be a staggering amount. Republicans are trying to blame the Democratic Party for increasing the country’s debt burden and link it to Biden’s $ 1.85 trillion social and environmental bill.

Republican Senator John Cornyn said, “My goal is to force the Democrats to raise their debt caps and politically take responsibility for building up more debt, which we achieve. It will be useful for you. “

However, raising the debt cap is necessary to meet the financial obligations created by both parties under past law. Most of them were before Biden’s presidency.

“This is primarily about fulfilling the obligations the government has already had during the Trump administration,” Speaker of the House Nancy Pelosi said in a letter to a Democratic colleague. “Under President Biden, only 3 percent of current debt has arisen.”

By addressing debt restrictions, Pelosi said he could prevent interest rates on car loans, student loans, mortgages and other American loans from rising significantly.

The bill passed by the House of Representatives on Tuesday establishes a rapid process for the next few days. Subsequent voting is required to pass the debt cap increase itself. When the Senate does, the House takes the bill and sends it to Biden to sign the law.

At their personal lunch on Thursday, Republican senators opposed the plan. Many of them don’t support it.

Senator Roy Blunt, a member of GOP leadership, said the lunch debate went as expected, but the plan will at least achieve the goal of forcing Republicans to vote on their own. Said. Upper limit of debt by a specific amount.

Parliamentary tactics attacked some members of the House as a “ridiculous” way to deal with the Senate, where filibuster rules allow Republican minorities to block action.

“We are throwing ourselves into the distortions of Congress to help the Senate deal with the straitjackets that detained them,” said Democrat Jamie Raskin.

Parliamentary leaders are likely to reach an agreement to raise debt caps and avoid defaults

Source link Parliamentary leaders are likely to reach an agreement to raise debt caps and avoid defaults

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