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House sets stage to increase debt ceiling

Added 12-08-21 12:18:03am EST - “The House of Representatives passed a bill Tuesday that sets the stage to raise the debt ceiling without even one Republican vote.” - Nypost.com

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Posted By TheNewsCommenter: From Nypost.com: “House sets stage to increase debt ceiling”. Below is an excerpt from the article.

The House of Representatives passed a bill Tuesday that sets the stage to raise the debt ceiling without even one Republican vote.

The move comes as part of a convoluted deal struck by congressional leaders of both parties to allow a one-time solution to avoid federal default by letting Democrats lift the debt limit.

The deal forces Democrats to specify an exact amount the debt will be raised, and it allows them to get the measure through the evenly split Senate without risk of the Republican minority blocking the move by filibuster.

The debt limit was boosted by $480 billion in October, but that’s only enough to pay the federal government’s obligations through about Dec. 15. Tuesday’s deal paves the way for a multi-step process over several days, but appears to avoid another last minute scramble to avoid going into default.

Although there remains Republican opposition to the agreement, if it goes through as planned some GOP members view it as putting the responsibility for the nation’s growing debt on President Joe Biden and Democrats ahead of the 2022 midterms.

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