New borrowing authority is needed by December 15 to avoid a shutdown.
House Majority Leader Steny Hoyer said Monday that the House will vote on a bill to increase the nation’s borrowing limit this week. “I expect to do it, and I hope to do it this week,” he said. “And we are working toward that objective.”
Lawmakers from either side of the aisle have engaged in negotiations over the debt limit for months. While Congress agreed on a temporary increase last month, Treasury Secretary Janet Yellen said that a new increase in borrowing authority by December 15 to prevent a government shutdown.
When writing to Congress, Secretary Yellen said, “There are scenarios in which Treasury would be left with insufficient remaining resources to continue to finance the operations of the U.S. government beyond this date.”
Some lawmakers are concerned about passing a long-term increase or suspension of the debt limit and believe that the federal government should cut spending instead.
As the Lord Leads, Pray with Us…
- For members of Congress as they debate and vote on a bill to increase or suspend the debt limit.
- For Secretary Yellen to seek God’s wisdom as she leads the Treasury Department and advises Congress about the budget needs of the nation
- For God to give the president and congressional leaders guidance as they negotiate federal budget legislation.
Sources: Roll Call, The Hill
