{"id":1120655,"date":"2021-12-15T07:44:15","date_gmt":"2021-12-15T12:44:15","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1120655"},"modified":"2021-12-15T07:44:16","modified_gmt":"2021-12-15T12:44:16","slug":"congress-gives-final-approval-to-2-5-trillion-debt-ceiling-increase","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/congress-gives-final-approval-to-2-5-trillion-debt-ceiling-increase\/","title":{"rendered":"Congress Gives Final Approval To $2.5 Trillion Debt Ceiling Increase"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">20<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fcongress-gives-final-approval-to-2-5-trillion-debt-ceiling-increase%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1120655&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>Congress approved a $2.5 trillion debt ceiling increase, ending months of debate between Democratic and Republican leadership.&nbsp;<\/p>\n<p>In 2019, Congress suspended the debt ceiling \u2014 which prevents the federal government from assuming a certain level of national debt \u2014 until August 2021. In an attempt to make Democrats enact a permanent solution on their own by the end of the year, Senate Minority Leader Mitch McConnell (R-KY) gave Democrats a short-term <a href=\"https:\/\/www.dailywire.com\/news\/mcconnell-offers-short-term-solution-to-prevent-another-self-created-democrat-crisis-on-debt-limit\">deal<\/a> in October to suspend the debt ceiling.<\/p>\n<p>In a party-line vote, however, lawmakers settled upon an arrangement that will fund the government through the 2022 midterm elections. <a href=\"https:\/\/www.nytimes.com\/2021\/12\/14\/us\/politics\/debt-limit.html\">The New York Times<\/a> reported:<\/p>\n<p>Democrats were united in support of the measure, which passed the Senate 50 to 49 along party lines on Tuesday afternoon and then cleared the House in a 221-to-209 vote shortly after midnight on Wednesday. Republicans opposed the legislation en masse, with only one, Representative Adam Kinzinger of Illinois, voting in favor. The bill now heads to President Biden, who was expected to quickly sign it.<\/p>\n<p>The swift action came a week after party leaders announced a deal to establish a one-time fast-track process to increase the debt ceiling with a simple majority vote, instead of the 60 votes needed to move most legislation through the Senate.<\/p>\n<p>For the past several months, Treasury Secretary Janet Yellen has repeatedly <a href=\"https:\/\/www.dailywire.com\/news\/yellen-says-failing-to-raise-federal-debt-limit-will-trigger-historic-financial-crisis\">warned<\/a> Congress about the dangers of defaulting on federal debt.&nbsp;<\/p>\n<p>\u201cIn a matter of days, millions of Americans could be strapped for cash,\u201d Yellen wrote in September for The Wall Street Journal before the short-term deal was approved. \u201cWe could see indefinite delays in critical payments. Nearly 50 million seniors could stop receiving Social Security checks for a time. Troops could go unpaid. Millions of families who rely on the monthly child tax credit could see delays. America, in short, would default on its obligations.\u201d<\/p>\n<p>\u201cThe U.S. has never defaulted. Not once. Doing so would likely precipitate a historic financial crisis that would compound the damage of the continuing public health emergency. Default could trigger a spike in interest rates, a steep drop in stock prices and other financial turmoil.\u201d<\/p>\n<p>Strife over the debt ceiling has led to renewed debate over the national debt \u2014 which presently <a href=\"https:\/\/www.usdebtclock.org\/\">sits<\/a> at over $29 trillion. Last week, President Biden <a href=\"https:\/\/www.dailywire.com\/news\/biden-mocked-for-bragging-u-s-pays-bills-on-time-by-increasing-debt-an-oxymoron-without-the-oxy\">signed<\/a> a bill that would \u201cfast-track the process to raise our debt limit\u201d and \u201creassure all the economic markets at home and around the world that we\u2019re going to continue to pay our debts when they are due.\u201d<\/p>\n<p>Several commentators, however, noted that the move was entirely meaningless.<\/p>\n<p>\u201cI remember when my parents had to use credit cards to pay bills too,\u201d said YouTuber Tim Pool.&nbsp;<\/p>\n<p>\u201cThe United States pays its debts when they are due by raising the debt ceiling to take on even more debt and \u2018printing\u2019 more money out of thin air,\u201d noted financial meme account Litquidity.<\/p>\n<p>\u201cThe United States pays its debts when they are due\u2026by robbing Peter to pay Paul,\u201d added investor Tyler Winklevoss.<\/p>\n<p>The Daily Wire is one of America\u2019s fastest-growing conservative media companies and counter-cultural outlets for news, opinion, and entertainment. Get inside access to The Daily Wire by becoming a <a href=\"https:\/\/www.dailywire.com\/subscribe\">member<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Congress approved a $2.5 trillion debt ceiling increase, ending months of debate between Democratic and Republican leadership.\u00a0In 2019, Congress suspended the debt ceiling \u2014 which prevents the federal government from assuming a certain level of national debt \u2014 until August 2021. In an attempt to make Democrats enact a permanent solution on their own by the end of the year, Senate Minority Leader Mitch McConnell (R-KY) gave Democrats a short-term deal in October to suspend the debt ceiling.In a party-line vote, however, lawmakers settled upon an arrangement that will fund the government through the 2022 midterm elections. The New York Times reported:Democrats were united in support of the measure, which passed the Senate 50 to 49 along party lines on Tuesday afternoon and then cleared the House in a 221-to-209 vote shortly after midnight on Wednesday. Republicans opposed the legislation en masse, with only one, Representative Adam Kinzinger of Illinois, voting in favor. The bill now heads to President Biden, who was expected to quickly sign it.The swift action came a week after party leaders announced a deal to establish a one-time fast-track process to increase the debt ceiling with a simple majority vote, instead of the 60 votes needed to move most legislation through the Senate.For the past several months, Treasury Secretary Janet Yellen has repeatedly warned Congress about the dangers of defaulting on federal debt.\u00a0\u201cIn a matter of days, millions of Americans could be strapped for cash,\u201d Yellen wrote in September for The Wall Street Journal before the short-term deal was approved. \u201cWe could see indefinite delays in critical payments. Nearly 50 million seniors could stop receiving Social Security checks for a time. Troops could go unpaid. Millions of families who rely on the monthly child tax credit could see delays. America, in short, would default on its obligations.\u201d\u201cThe U.S. has never defaulted. Not once. Doing so would likely precipitate a historic financial crisis that would compound the damage of the continuing public health emergency. Default could trigger a spike in interest rates, a steep drop in stock prices and other financial turmoil.\u201dStrife over the debt ceiling has led to renewed debate over the national debt \u2014 which presently sits at over $29 trillion. Last week, President Biden signed a bill that would \u201cfast-track the process to raise our debt limit\u201d and \u201creassure all the economic markets at home and around the world that we\u2019re going to continue to pay our debts when they are due.\u201dSeveral commentators, however, noted that the move was entirely meaningless.\u201cI remember when my parents had to use credit cards to pay bills too,\u201d said YouTuber Tim Pool.\u00a0\u201cThe United States pays its debts when they are due by raising the debt ceiling to take on even more debt and \u2018printing\u2019 more money out of thin air,\u201d noted financial meme account Litquidity.\u201cThe United States pays its debts when they are due\u2026by robbing Peter to pay Paul,\u201d added investor Tyler Winklevoss.The Daily Wire is one of America\u2019s fastest-growing conservative media companies and counter-cultural outlets for news, opinion, and entertainment. Get inside access to The Daily Wire by becoming a member.<\/p>\n","protected":false},"author":99,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1120655","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1120655","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/99"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1120655"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1120655\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1120655"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1120655"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1120655"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}