Signs raising the debt ceiling

The signing of the law came after a long tug of war in which the Republicans long refused to participate in raising the debt ceiling.

In the end, a group of Republicans agreed with the Democrats on a temporary raising of the ceiling, but minority leader Mitch McConnell has made it clear that they will not support a new raising of the ceiling in December.

Finance Minister Janet Yellen had announced that the United States on Monday would reach the ceiling for how much debt the state can take up.

She warned of economic disaster for the United States and the collapse of the world’s stock markets if the United States was unable to pay off its debt.

Republicans and Democrats have previously largely agreed every time the debt ceiling had to be raised, and Democrats want a decision that will always be one they can both stand for.

But amid controversy over Biden’s huge crisis package, which Republicans strongly oppose, Republicans say Democrats can manage without Republican help and pass a new simple majority vote, as they plan to do with the crisis package.

(©NTB)

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