shine trader live reports:
On October 12 local time, the U.S. House of Representatives passed a short-term bill to increase the federal government debt ceiling by 219 votes in favor and 206 votes against, raising the limit to $480 billion. The Treasury estimates that this amount will maintain government spending until December 3.
The passage of this bill has temporarily solved the urgent need of US government expenditure. The Senate just passed the bill last week. Janet Yellen, Minister of finance, previously said that if Congress failed to reach an agreement, the consequences would be “disastrous”, and the wages of government employees, children’s tax credit, social security benefits and military wages would not be paid.
The short-term resolution to raise the debt ceiling is a temporary compromise between Republicans and Democrats, but the path to a long-term solution is still unclear. Republicans insist that Democrats should use the Senate reconciliation process to raise the debt ceiling on the basis of the party line, but the Democrats oppose it, pointing out that the Republicans were willing to raise the debt ceiling three times during the term of former president trump.
Reprint indicated source：Shine Trader Limited Live information