Biden Signs Bill to Fast-Track Process to Raise US Debt Limit
22:28 GMT 10.12.2021 (Updated: 22:29 GMT 10.12.2021)
© REUTERS / LEAH MILLIS
Subscribe
WASHINGTON (Sputnik) - President Joe Biden announced that he has signed a bill to fast-track the process to raise the US debt ceiling that would prevent a default on the United States' debt.
The bill allows Congress to vote on legislation to raise the debt ceiling through a simple majority instead of the 60-vote majority.
"I just signed a bill to fast-track the process to raise our debt limit," Biden said in a statement on Friday. "The nation’s full faith and credit has always been a shared responsibility. The bipartisan support of this legislation shows that it is still possible for leaders to work across the aisle and deliver."
Senate followed by House next week plan to vote to increase the debt limit.Process is being fast-tracked by legislation signed into law by President Biden today.Passed House 222-212 & Senate 59-35.Also delays Medicare cuts set to go into effect Jan. 1 & waives PAYGO budget rule. https://t.co/5ObLPXPHJX pic.twitter.com/zdZElKoLSf
— Craig Caplan (@CraigCaplan) December 10, 2021
Earlier on Thursday, the US Senate passed the measure in a 59-35 vote. The US House of Representatives passed its own legislation on Tuesday to expedite the passage of the debt limit increase.
Congress is expected to vote on legislation to raise the debt ceiling as early as next week.
