Congress Raised the Debt Ceiling Again Without Doing Anything to Fix the $28 Trillion National Debt

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by Eric Boehm

The House of Representatives voted Tuesday evening to lift the debt ceiling by $480 billion, temporarily postponing a possible default until early December. The bill, which had passed the Senate last week, heads to President Joe Biden’s desk a few days before the October 18 deadline that Treasury Department officials had set for a possible default.

219-206, House approves rule along party lines that deems as passed the bill to raise the debt ceiling by $480 billion – until early December. Biden will sign it soon. *fixes tally from previous tweet

— Manu Raju (@mkraju) October 12, 2021

But the short-term measure doesn’t really resolve anything. It merely buys some time for Congress to reach an agreement on a more significant move on the debt ceiling, potentially as part of the $3.5 trillion reconciliation bill that Democrats are trying to push through the Senate.

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