Washington.- The Senate of the United States approved to increase the debt limit of the federal government at $ 2.5 trillion, to about $ 31.4 trillion, and referred the measure to the House of Representatives to avoid unprecedented breach.

The 50-49 party vote follows a months-long showdown between Democrats and Republicans, with the latter seeking to force President Joe Biden’s party to raise the current debt ceiling of $ 28.9 trillion on its own, before the congressional elections of 2022.

An agreement last week between Senate Democratic Majority Leader Chuck Schumer and his Republican counterpart, Mitch McConnell, set the stage for Tuesday’s vote, circumventing normal upper house rules that require 60 of its 100 members agree to most laws.

The Democratic-led lower house will also need to pass the bill before sending it to Biden for enactment. The House was expected to address the matter later on Tuesday.

Schumer said raising the cap would allow borrowing by 2023, until the Nov. 8 midterm elections that will determine control of Congress.

The increase is necessary in part to cover debt incurred during Donald Trump’s Republican presidency, when it rose by around $ 7.85 trillion, in part through tax and spending cuts to combat the Covid-19 pandemic.

Republicans, who oppose raising the debt ceiling and control half of the 100 Senate seats, have tried to link the vote to Biden’s $ 1.75 trillion “Rebuild Better” bill to bolster the safety net. social and fight against climate change.

“This is about paying off the debt accumulated by both parties, so I am pleased that Republicans and Democrats came together to facilitate a process that has made it possible to address the debt limit,” Schumer said in the Senate.

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Senate Finance Committee Chairman Ron Wyden told reporters Tuesday that he would push to remove the borrowing limit to avoid future political clashes over the recurring need to increase it.



Reference-www.eleconomista.com.mx

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