US Congress approves country's debt ceiling

On Tuesday, the House of Representatives of the US Congress supported an increase in the country's national debt ceiling by $2.5 trillion, to $31.4 trillion, Report informs, citing TASS.

221 congressmen supported the initiative, while 209 voted against it. According to the agreements reached earlier by the legislators, its approval requires a simple majority of votes. The Democrats have it both in the Senate and in the House of Representatives.

Earlier, the upper house of the US Congress approved the indicated bill. It is expected to be sent to President Joe Biden for signature shortly. US Treasury Secretary Janet Yellen had previously called on lawmakers to pass the debt ceiling bill. Otherwise, after December 15, there may be a shortage of funds necessary to finance the federal government's work.

On October 14, Biden approved an increase in the public debt ceiling by $480 billion, to $28.9 trillion, which, as the Ministry of Finance previously noted, will cover expenses until December 3, 2021. Both houses of Congress approved the corresponding initiative.