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United States

29 Sept 2021

U.S Senate Republicans Once Again Block Bill for Debt Limit

U.S Senate Republicans Once Again Block Bill for Debt Limit

The Index Today

On Tuesday, House Republicans once again block democratic bill aimed to avert a national credit default. With the bill being passed, democrats would be able to raise the debt ceiling without the 60-vote margin requirement from the chamber.

Democrats have raised concerns over upcoming expiry of government funding on Thursday and borrowing authority to run in coming weeks which could lead to fiscal economic disasters. The party has further stated that approximately $5 trillion of the debt is a direct result of tax cuts provided by the previous Trump administration.

The upcoming deadlines have led to further chaos and confusion which could have been resolved with the passing of the bill. It was reported that Biden postponed his upcoming trips to support democrats in negotiations in seeking a majority win. An official from the administration stated, “There is a strong sense that progress is being made, and the president is staying to continue his engagement.”

The previous government shutdown occurred during Trump’s presidency and lasted around 35 days. Last week a measure was passed that would enable government funding up until December 3rd. Janet Yellen, Treasury Secretary has stated by October 18th the government will no longer have debt service options.