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Biden signs bill raising U.S. debt limit, averting default

EconomyOct 14, 2021 09:26PM ET
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© Reuters. FILE PHOTO: U.S. President Joe Biden hosts a virtual coronavirus disease (COVID-19) Summit as part of the United Nations General Assembly (UNGA) from the White House in Washington, U.S., September 22, 2021.REUTERS/Evelyn Hockstein

WASHINGTON (Reuters) -U.S. President Joe Biden on Thursday signed legislation temporarily raising the government's borrowing limit to $28.9 trillion, pushing off the deadline for debt default only until December.

Without the increase in the debt ceiling, the U.S. Treasury had estimated it would run out of money to pay the nation's bills on Oct. 18.

The $480 billion increase in the borrowing limit signed by Biden is expected to be exhausted by Dec. 3.

Following weeks of partisan fighting, the Senate approved the short-term fix last week and the House of Representatives passed it on Tuesday.

Senate Republican leader Mitch McConnell wrote in a letter to Biden after the Senate vote that he would not help Democrats again in raising the debt limit.

McConnell wants Democrats to use a procedural move known as reconciliation, which would not require Republican votes, to raise the borrowing authority. Democrats have rejected that as an option for lifting the cap.

Republicans say raising the debt limit is Democrats' problem because of Biden's proposed $3.5 trillion spending plan to invest in expanded social services and address climate change.

Democrats note that they voted to raise the debt ceiling during Republican Donald Trump's administration even though they opposed deep tax cuts that added to the debt.

Biden signs bill raising U.S. debt limit, averting default
 

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Comments (12)
Joseph Armour
Joseph Armour Oct 18, 2021 9:00AM ET
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Don't be a domesticated homosapien. Be a human being. Think, don't just process like some ones A.I.
Joseph Armour
Joseph Armour Oct 18, 2021 8:58AM ET
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Lets see. I borrow a dollar from bank at less than .25 percent interest. Inflation rises. My dollar is worth less because it buys less. Wages rise, taxes rise. I make more. Since my dollar is less, the value of the interest is less. I owe less real value. If I am the government, now is the time to borrow more. It is not the same as printing money. Different mechanisms. Printing actual money waters down whole system. Borrowing puts existing money into someone else's hands. In America, that is mostly Americans hands. Money is spent, taxes are generated, etc. etc. etc. Debt by governments is sustainable. It may hurt some but help others. It is not printing money. Governments do not work like people and businesses. They have resources and leverage tools no one else can have. Don't get caught up in the propaganda. Go out, acquire knowledge and information yourself. Don't let others spoon feed you their version and their analysis. Investigate and analyze yourself.
Nadine Frazer
Nadine Frazer Oct 15, 2021 1:32AM ET
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Oh thank God! I'm so glad a fictional number that can be raised arbitrarily forever was approved by empty shelves Joe. Let's go Brandon!
Piet Delaney
Piet Delaney Oct 14, 2021 11:07PM ET
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how deal in debt can we go?
David David
David9 Oct 14, 2021 10:30PM ET
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I like Biden. He is good.
William Smith
William Smith Oct 14, 2021 10:08PM ET
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But did he know what he was signing.
Horyu Ken
Horyu Ken Oct 14, 2021 10:03PM ET
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Mmmm......more stimuli to pay old debts? Buy time to avoid Miyagi San.....Hai!
John Laurens
John Laurens Oct 14, 2021 9:56PM ET
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but who's changing his diapers?
Joseph Armour
Joseph Armour Oct 14, 2021 9:03PM ET
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Since every government since the advent of trade has been printing money in one way or another' I think it's safe to say, ' yes, it is sustainable'. Those who do it best get the most out of it.
John Healy
John Healy Oct 14, 2021 9:03PM ET
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Miney printing is certainly sustainable. The value if the money being printed certainly is not.
John Healy
John Healy Oct 14, 2021 9:03PM ET
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Millennial Metals
Millennial Metals Oct 14, 2021 8:51PM ET
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Print money to pay debt… sounds sustainable
Gold Fever
Gold Fever Oct 14, 2021 8:35PM ET
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When your 13 year old randomly says the government is ruining our future with all of this debt, there might be a problem.
Keith Wilson
Keith Wilson Oct 14, 2021 8:35PM ET
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What future? There will be no future if this continues.
Joseph Armour
Joseph Armour Oct 14, 2021 8:35PM ET
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Yes. The problem is he is listening to people who don't know a thing about economics or government.
Nadine Frazer
Nadine Frazer Oct 14, 2021 8:35PM ET
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Joseph Armour How dare you!
Frank Francone
Frank Francone Oct 14, 2021 8:28PM ET
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Pay debts with more debts. Sounds good
 
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