House passes debt ceiling bill, pushes potential default to December
Annie Andersen: It’s a recess… but the House is back today to vote on legislation that economists say will be the reason the country doesn’t fall into recession — the debt ceiling.
Nancy Pelosi: ”This is not a technical thing. This has ramifications, as I said, on the kitchen table to our economy to global and constitutional.”
Annie Andersen: It’s a 480 billion dollar temporary increase to the debt limit.
That’s how much is needed to let the government pay its debts through December 3.
The senate voted on this last week and today it’s the House’s turn.
This is expected to pass….but As I mentioned, this only allows the government to make its payments through early December, which means Congress needs to start working on a more long-term plan right away.
Will that happen, or will they wait until the last minute and have a mad dash?
I think we all know what’s likely there.