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The House of Representatives on Tuesday voted 219-206 to allow a temporary increase in federal debt, eliminating the financial crisis and ending – for now – stabilizing negotiations between the two major parties.
The House vote comes after the Senate last week passed a resolution, which will prevent the country from repaying its debt.
The bill increases the credit limit by $ 880 and $ 880 – the amount estimated by the State Department to keep debt flowing until December 3.
If Congress had failed to reach an agreement, the fall would have been “catastrophic,” according to Secretary of State Janet Yellen, with child tax money, Social Security benefits and military spending all hanging on the scale.
Last December was a time of interaction between Republicans and Democrats, but the long-term response remains unclear.
Republicans insist that Democrats use the Senate reconciliation method to raise debt on stage, but Democrats have opposed the idea, noting how Republicans were willing to raise the credit limit three times under former President Donald Trump.
December 3 is also where government funding is expected to run out.
The debt struggle comes as Democrats are also urging them to invest billions of dollars in public programs and climate change. That war has its drawbacks, as the party’s progressive wing needs a lot of money to brag about as party officials seek a narrow package to push with Congress.