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House approves debt and funding plans and sets up Senate clashes

Republicans oppose the package, despite the risk of maintaining government funding, suspending federal debt restrictions, providing disaster and refugee assistance, and risking a financial crisis We have set up a high stakes showdown with. Financing will stop on September 30th at the end of the year. In addition, at some point in October, the United States is at risk of defaulting on debt accumulation if the borrowing limit is not exempted or adjusted. In a hurry to prevent its disastrous consequences, the Democratic-led house passed the bill in a party vote on Tuesday night 220-211. The bill is currently being submitted to the Senate and is likely to enter the House of Representatives due to overwhelming Republican opposition. “If we don’t act now to stop this unnecessary and preventable crisis, our country will be hit hard,” Maryland said shortly before the vote. Backed by the White House, Democratic leaders pushed the package to approval during times of great uncertainty in Congress. The next deadline to avoid serious problems in the event of a failed government-funded vote, while lawmakers have already been fooled by President Joe Biden’s broad “better rebuild” agenda price tag of $ 3.5 trillion. Was immediately noticed. Measures approved on Tuesday will provide a temporary gap Funds to maintain government funding until December 3 and expand borrowing authority until the end of 2022. This includes $ 28.6 billion in disaster relief for the aftermath of hurricane Aida and other extreme weather events, and $ 6.3 billion to help refugees in Afghanistan. The end of the 20-year war. By suspending the debt cap, the government can meet its already-developed fiscal obligations, but Republicans argued that it would encourage spending rampage in the coming months. We will continue to expand the most reckless government for generations. ” Mitch McConnell finds votes even if they rely on bipartisan cooperation to approve debt restrictions when the Republicans were in charge because the Democrats dominate the White House and Congress. Said it was a problem. It should be, but it will be raised by Democrats, “McConnell said. “Since the last suspension of debt restrictions expired on July 31, the Treasury has used’special measures’ to fund the government,” said Republican Senate leader Chuck Schumer. We expect it to disappear at some point next month. ” Cash preparation. Then it would have to rely on receipts now coming in for $ 28.4 trillion to pay that obligation. “This economic scenario is catastrophic,” said Mark Zandi, chief economist at Moody’s Analytics, as to whether legislators would allow defaults on government bonds. In a report circulated by the Democratic Party, Zandy said a potential recession from government funding cuts would cost 6 million jobs and stock market losses would wipe out $ 15 trillion in household wealth. I warned. A Republican in Washington since the arrival of Tea Party lawmakers in 2011, who refused to allow the increase. “In our view, this should not be a controversial vote,” White House spokesman Jen Psaki told reporters. Saki said Congress has raised its debt cap many times on a bipartisan basis, including three times under President Donald Trump. Democratic chairman of the House Expenditure Commission, Rosa De Lauro, said after some within the Democratic Caucus opposed including $ 1 billion in Israel’s Iron Dome defense system, which uses missiles to intercept short distances. Israeli defense issues forced to introduce another version of the bill on Tuesday divide Democrats, but De Lauro guarantees colleagues that money for the weapons system will be included in the annual defense spending bill bottom. Heuer said he would go one step further this week by submitting a bill to replenish the Iron Dome system. The Republicans were very critical of this change and vowed to stand as an ally with Israel. Meanwhile, the Democrats are negotiating Biden’s $ 3.5 trillion package, and the White House has announced that the bill will soon be passed, despite the sharp differences between progressives and moderates within the party. I’m sure. Beyond the final size of the package and the accompanying $ 1 trillion bipartisan infrastructure bill. With the surge in outreach from the White House to Democrats in Capitol Hill, Biden was scheduled to hold a White House meeting with many lawmakers late Wednesday. Biden’s big initiative will impose tax increases on businesses and wealthy Americans who earn more than $ 400,000 a year and return the money to the Commonwealth. l Programs for men and women of all ages, including government health, education, family support, and environmental efforts to combat climate change. ___ The Associated Press writers Darlene Superville and Jonathan Remia contributed to this report.

The House of Representatives has resolved to maintain government funding, suspend federal debt caps, provide disaster and refugee assistance, and with Republicans who oppose the package despite the risk of causing a financial crisis. We have set up a high stakes showdown.

The federal government faces a closure when funding ceases on September 30, the end of the fiscal year. In addition, at some point in October, the United States is at risk of defaulting on debt accumulation if the borrowing limit is not exempted or adjusted.

In a hurry to prevent its disastrous consequences, the Democratic-led house passed the bill on Tuesday night by a party vote of 220-211. The bill is currently being submitted to the Senate, and overwhelming Republican opposition could lead to the Senate.

“If we don’t act now to stop this unnecessary and preventable crisis, our country will suffer a great deal,” said Democratic House leader Steny Hoyer shortly before the vote.

Backed by the White House, Democratic leaders pushed the package to approval during times of great uncertainty in Congress. Lawmakers have already grabbed the $ 3.5 trillion price tag on President Joe Biden’s broad “better buildback” agenda and soon after the next deadline to avoid serious problems in the event of a failed government-funded vote. I paid attention to.

The bill, approved on Tuesday, will retain government funding until December 3 and provide temporary funding to expand borrowing authority until the end of 2022. Afghanistan will evacuate in a fallout from the end of the 20-year war.

By suspending the debt cap, the government can meet its already-occurring financial obligations, but the Republicans argued that it would encourage spending overeating in the coming months.

“We don’t support signing a blank check because this majority has been expanding the most reckless government for generations,” Republican Rep. Dan Muser said in a debate.

Senate Republican leader Mitch McConnell relied on bipartisan cooperation to approve debt restrictions when the Republicans were in charge because the Democrats dominate the White House and Congress. Said it was their problem to find a vote.

“The debt cap will be raised as usual, but will be raised by the Democratic Party,” McConnell said.

In the 50-50 Senate, Democrats will have a hard time finding 10 Republicans who reach the 60-vote threshold needed to overcome filibuster.

“This is play with fire,” said Senate leader Chuck Schumer, DN.Y.

The Treasury has been using “special measures” to fund the government since the last suspension of debt restrictions expired on July 31, and at some point next month there will be no cash reserves. I predict that. Then it would have to rely on receipts now coming in for $ 28.4 trillion to pay that obligation. As a result, the Treasury may delay or miss payments.

“This economic scenario is catastrophic,” Moody’s Analytics Chief Economist Mark Zandi warned about whether legislators would allow federal debt to default. In a report circulated by the Democratic Party, Zandy warned that a potential recession from government funding cuts would cost 6 million jobs and stock market losses would wipe out $ 15 trillion in household wealth.

Once a routine issue, raising debt caps has become a political weapon for Republicans in Washington since the arrival of Tea Party lawmakers in 2011. At that time, they opposed more spending and standoffs caused a financial crisis.

“In our view, this should not be a controversial vote,” White House spokesman Jen Psaki told reporters. Saki said Congress has raised its debt cap many times on a bipartisan basis, including three times under President Donald Trump.

Democratic chairman of the House Expenditure Commission, Rosa De Lauro, said after some in the Democratic Caucus opposed including $ 1 billion in Israel’s Iron Dome defense system to intercept shorts with missiles. Forced to introduce another version of the bill on Tuesday-a range rocket was launched into the country.

Israeli defense issues divide Democrats, but De Lauro assured colleagues that money for the weapons system would be included in the annual defense spending bill. Heuer said he would go one step further this week by submitting a bill to replenish the Iron Dome system.

The Republicans were very critical of the change and vowed to stand as an ally with Israel.

Meanwhile, Democrats are negotiating a $ 3.5 trillion package of Biden’s social, environmental and climatic proposals. The price tag could go down and beat the skeptical centrist who sees it too much.

Publicly, the White House is billing despite the sharp differences between progressives and moderates within the party regarding the final size of the package and the accompanying $ 1 trillion bipartisan infrastructure bill. I continue to be confident that it will be passed soon.

Biden was scheduled to hold a White House meeting with many lawmakers late Wednesday as the White House’s work on Democrats at Capitol Hill is skyrocketing.

Biden’s big initiative is to impose tax increases on companies and wealthy Americans who earn more than $ 400,000 a year, and spend the money on government health, education, family support, and environmental efforts to combat climate change. Give back to a federal program for men and women.

___

Associated Press writers Darlene Superville and Jonathan Lemire contributed to this report.

House approves debt and funding plans and sets up Senate clashes

Source link House approves debt and funding plans and sets up Senate clashes

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