WASHINGTON (OfficialWire) — Congress passed must-do legislation Thursday to permit the government to borrow hundreds of billions of dollars more to meet its obligations, averting a first-ever government default that had loomed as early as mid-February.
The 64-34 vote in the Democratic-controlled Senate sent the measure to President Barack Obama, who has said he will sign it. The Republican-led House passed the legislation last week.
The legislation would temporarily suspend the $16.4 trillion limit on federal borrowing, which experts say would allow the government to borrow about $450 billion to meet interest payments and obligations like Social Security benefits and government salaries.
The deadline for Congress to act again to prevent default would likely not come until August, according to calculations by the Bipartisan Policy Center, a Washington-based think tank.
Please share this post with your friends and comment below. If you haven’t already, take a moment to sign up for our free newsletter above and friend us on Twitter and Facebook to get real time updates.
Follow @WestJournalism
Loading ...
When does this end?
It will stop when the people finally say enough and quit sending their hard earned money to an out of control government.
I’m afraid under this president it will never end, and if predictions hold up, and Hillary runs in 2016 and wins, it will continue until eternity.
Invest in precious heavy metals. Lead, and Copper. Sooner or later we willneed them.
He’s begging NBC for money, selling strategic weapons to the Egyptians dirt cheap, and wanting more of our tax dollars. There’s no stopping this mans extravicant spending. Obamacare needs more funding. If the ceiling isn’t raised, your taxes will be, again. It’s a lose/lose situation. The Republicans have been telling us, it’s just a big tax, since he created it. And it’s just begun. If boner caves this soon, he needs to be replaced with a real Republian.