WASHINGTON, DC - JANUARY 20: U.S. President Joe Biden prepares to sign a series of executive orders at the Resolute Desk in the Oval Office just hours after his inauguration on January 20, 2021 in Washington, DC. Biden became the 46th president of the United States earlier today during the ceremony at the U.S. Capitol. (Photo by Chip Somodevilla/Getty Images)
On Thursday night, President Joe Biden signed a bill to increase the debt limit until December, temporarily preventing a default.
The bill passed 219-206 the U.S. House on Tuesday.
“The measure would authorize the Treasury Department to continue paying loans for the country’s $28 trillion in debt,” House Speaker Nancy Pelosi said on the House floor Tuesday. “The debt ceiling is expected to last until about Dec. 3.”
“Addressing the debt limit is not about future spending, as some have tried to represent. This is about meeting obligations that the government has already incurred, including from the bipartisan COVID relief legislation passed last year. Only three percent of the current debt that we are addressing here has been incurred during the Biden years. Under President Biden: three percent of what we are talking about here,” Pelosi added.
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Last week, the bill to temporarily suspend the U.S. debt limit until December passed the Senate 50-48 vote.
The debt crisis surfaced as Biden’s ambitious spending bill faced a deadlocked Congress. By refusing to increase the debt limit, Republicans hoped to stop the Biden administration from passing the $3.5 trillion bill.
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