Biden directed US military to shoot down Iranian missile heading towards Israel: Report
President Biden, along with Vice President Kamala Harris are monitoring the Iranian offensive against Israel and recieving regular updates from officials.
US President Joe Biden has signed a bill into law to temporarily increase the federal debt ceiling by USD 480 billion until early December, the White House said.
“On Thursday, October 14, 2021, the President signed into law: S. 1301, which provides for the authority to increase the debt limit by $480 billion, which is expected to be sufficient to allow the Federal Government to continue to meet its full commitments through early December,” the White House said in a statement on late Thursday.
Earlier, the House, a part of the federal government’s legislative branch, had voted earlier to raise the debt limit into December.
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Biden administration officials had warned the US would default if the debt limit was not raised by October 18, The Hill reported.
Without the increase in the debt ceiling, the U.S. Treasury had estimated it would run out of money to pay the nation’s bills on October 18.
The $480 billion increase in the borrowing limit signed by Biden is expected to be exhausted by Dec. 3.
Following weeks of partisan fighting, the Senate approved the short-term fix last week and the House of Representatives passed it on Tuesday.
Senate Republican leader Mitch McConnell wrote in a letter to Biden after the Senate vote that he would not help Democrats again in raising the debt limit.
McConnell wants Democrats to use a procedural move known as reconciliation, which would not require Republican votes, to raise the borrowing authority. Democrats have rejected that as an option for lifting the cap.
Republicans say raising the debt limit is Democrats’ problem because of Biden’s proposed $3.5 trillion spending plan to invest in expanded social services and address climate change.
Democrats note that they voted to raise the debt ceiling during Republican Donald Trump’s administration even though they opposed deep tax cuts that added to the debt.
(With ANI inputs)
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