President Biden Signs $2.5 Trillion Debt Ceiling Bill
President Joe Biden on Thursday signed a bill raising the nation's borrowing limit by $2.5 trillion.
President Joe Biden on Thursday signed a bill raising the nation's borrowing limit by $2.5 trillion, avoiding a potentially catastrophic default and resolving the turbulent issue until after the 2022 midterm elections.
The House voted early Wednesday to raise the debt limit, amid urgent warnings from Treasury Secretary Janet Yellen that further delay would jeopardize the full faith and credit of the United States. The near-party-line 221-209 House vote, with only Illinois GOP Rep. Adam Kinzinger joining Democrats, came after the Senate Democrats also voted to raise the government's borrowing authority.
The Senate vote required a workaround to allow it to pass on a simple majority under a deal struck between party leaders to diffuse the issue until after next year’s midterm elections, though saddling majority Democrats with a tough vote. Republicans used the debt limit to attack Democrats’ big-spending social and environmental agenda while pledging to staunchly oppose the effort to increase the threshold.
Despite a seemingly straightforward name, the nation’s debt limit does little to curtail future debt. Established in 1917, it instead serves as a brake on spending decisions already endorsed by Republicans and Democrats alike — in some cases decades ago — that if left unpaid could cripple markets, send the economy into a tailspin and shake global confidence in the U.S.
Additional reporting by The Associated Press.
George Santos not taking committee assignments amid calls to resign
Reports in recent weeks have surfaced that Santos fabricated his background before being elected to Congress in November 2022.By Patrick Semansky / AP
Concerns over prayer breakfast lead Congress to take it over
The organizer and host for this year's breakfast will be the National Prayer Breakfast Foundation, headed by former Sen. Mark Pryor, D-Ark.By Patrick Semansky /AP
House GOP seeks new restrictions on use of US oil stockpile
Pres. Biden withdrew 180 million barrels from the strategic reserve over several months, bringing the stockpile to its lowest level since the 1980s.By Department of Energy / AP
What does it cost to have cancer?
An oncologist and parents of kids with cancer share how the costs of treatment can hinder or even completely prevent a patient from getting care.By San Francisco Chronicle / AP
Life-saving drugs costs thousands in the US. Can laws change that?
Prescription drugs are often priced higher in the U.S. than in other countries, but some legislation is trying to cut costs.By AP
Meet Hal, a robot helping future nurses treat patients in real time
Nursing students are using artificial intelligence and robots to train for real life patients' symptoms and concerns.By Scripps News