Federal default averted until December.
President Joe Biden signed legislation on Thursday temporarily increasing the government’s borrowing limit to $28.9 trillion, delaying the deadline for debt default until December.
Last month, the Treasury Department estimated that, without congressional action, it wouldn’t be able to pay the nation’s bills after October 18. This new measure provides relief through December 3. Legislators will have to revisit the issue.
On Friday, Senate Minority Leader Mitch McConnell of Kentucky wrote to President Biden telling him he will not work in a bipartisan manner on another debt limit increase.
As the Lord Leads, Pray with Us…
- For Congress as the legislators consider further increases to the debt limit amount.
- For the president’s administration and Congressional leaders as massive spending bills are pending before Congress for infrastructure and social programs.
Sources: Reuters, The Week
