As a result of the actions of Congress The new debt limit is $31.4 trillion.

The House of Representatives adopted the new limit by 221 votes to 209. Earlier, the Senate voted to raise the state’s debt limit.

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The vote in the Senate and House of Representatives removed the specter of bankruptcy of the United States – At least until 2023, that is, the period following the parliamentary elections in November 2022.

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I was This is the second increase to the limit this year. Earlier, Congress did so in October. Because of the agreement between the parties, the threshold for obtaining a qualified majority of 60 votes in the Senate was accelerated and this time exceeded.

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“This relates to the debt that has been accrued by both parties, so I am glad that Republicans and Democrats have come together to enable the debt limit issue to be addressed,” said Chuck Schumer, the Senate Democrat leader.

Treasury Chief Janet Yellen has estimated that without raising the cap, the state will run out of money to pay off debts on December 15. There will be a formal bankruptcy that you believe will have dire consequences for the United States and the global financial system.

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