If approved, the debt limit will need to be addressed again in December.
Members of the House of Representatives returned to Washington, D.C., on Tuesday to cast their votes on a temporary increase of the national debt limit to avoid a default. The Senate narrowly passed a $480 billion increase last week along party lines and it is expected to pass in the House. This temporary increase will need to be revisited in December.
House Majority Leader Steny Hoyer was expressive over the current financial state of the country saying, “It is egregious that our nation has been put in this spot, but we must take immediate action to address the debt limit and ensure the full faith and credit of the United States remains intact.” A default would have major ramifications in global markets that depend on the U.S.’ ability to repay its debts.
As the Lord Leads, Pray with Us…
- For members of the House as they consider and vote on increasing the debt limit.
- For House Majority Leader Hoyer to seek God’s direction as he heads his party in the lower chamber.
- That President Biden would work with Congress to ensure the financial stability of the country.
Sources: AP, NPR, NY Times
