Washington: US Democrats in the House of Representatives are considering presenting a new stopgap spending proposal that would keep the federal government funded until mid- to late January.
According to sources, the House's decision to extend government financing well into January will give US lawmakers some breathing room to address other critical items on their agenda. According to the report, US lawmakers are under time pressure to avoid a debt ceiling default, pass the annual defence bill, and finalise President Joe Biden's signature tax and spending policy bill. Mistakes on funding bills or the debt ceiling would have far-reaching consequences for the country and the ruling party.
The US Congress passed a short-term spending bill in September to keep the federal government financed until December 3. Meanwhile, Congress passed a law in October that increased the federal government's debt ceiling by $480 billion, allowing the Treasury Department to satisfy its obligations until December 3.
According to sources, US Treasury Secretary Janet Yellen urged lawmakers to raise the debt ceiling by December 15 to avoid a potential default in a letter to Congressional leaders earlier in November. "It is imperative that Congress raise or suspend the debt ceiling as quickly as feasible to ensure the United States' full confidence and credit," Yellen stated.
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