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Debt limit hike headed to passage in U.S. House By Reuters

by Mike Robinson

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© Reuters. U.S. House Speaker Nancy Pelosi, D-CA, walks to her U.S. Capitol office in Washington on October 12, 2021. REUTERS/James Lawler Duggan

WASHINGTON (Reuters] – Tuesday’s vote by the majority of the U.S. House of Representatives to increase the Treasury Department’s borrowing limit to $28.9 Trillion was a victory. This prevents a potential debt default which could have been occurring around October 18.

It is likely that President Joe Biden will sign the bill immediately. This new level of borrowing authority will be exhausted by Dec. 3. Congress should act before then.

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