Republicans in the U.S. Senate blocked the extension of the national debt limit

U.S. Treasury Secretary Janet Yellen has repeatedly warned Congress about the threat of default if the debt ceiling is not increased by October 1.

The bill on suspending the national debt limit until almost the end of 2022 and temporarily financing the federal government until December 3 of this year, which was previously approved by the House of Representatives of the U.S. Congress, did not pass a procedural vote in the Senate on Monday due to opposition from Republicans. The meeting was broadcast on the website of the upper house of the American legislature.

48 senators voted for the beginning of the debate on the bill, 50 opposed it. 60 votes were required to proceed to the debate.

The leader of the Democratic majority in the Senate, Chuck Schumer, changed his vote from “yes” to “no” at the last moment. Such a technical step will allow him to put the issue to the vote again.

Earlier, U.S. Treasury Secretary Janet Yellen repeatedly warned Congress about the threat of default and noted that if the debt ceiling is not increased by October 1, when the new fiscal year begins in the United States, the ability of the U.S. government to pay debts on its obligations can be seriously undermined.

Republican senators who have a minority promised to take all possible measures to block this initiative. They insist that U.S. President Joe Biden and the Democrats cut spending or take other measures to reduce the national debt.

This ceiling does not allow the U.S. Treasury to issue new government bonds to finance the activities of the government after reaching a certain level of public debt or a specific date. This level reached $ 22 trillion in August 2019 and was suspended until the end of July 2021. Since the legislators had not had time to raise it since August 1, the debt level has reached the maximum value legally established.

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Author: Ivan Maltsev
The study of political and social problems of different countries of the world. Analysis of large companies on the world market. Observing world leaders in the political arena.
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Ivan Maltsev

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