U.S. Debt Ceiling Raised to Avoid Default | #debtceiling #default #governmentshutdown

 he U.S. Senate voted on Thursday to raise the debt ceiling by $480 billion, avoiding a default on the nation's debt. The House of Representatives is expected to vote on the measure Friday.

The debt ceiling is the maximum amount of money the U.S. government is allowed to borrow. The government has been operating under a temporary increase in the debt ceiling since December.

The vote to raise the debt ceiling was a victory for President Joe Biden and congressional Democrats. Republicans had blocked previous attempts to raise the debt ceiling, arguing that it would allow the Biden administration to spend too much money.

The debt ceiling has been a political flashpoint for decades. In 2011, a Republican-controlled House of Representatives refused to raise the debt ceiling, leading to a government shutdown. The shutdown lasted for 16 days and caused widespread economic damage.

The U.S. Treasury Department has warned that the government would run out of money and default on its debt on October 18 if the debt ceiling is not raised. A default would have a devastating impact on the U.S. economy, causing interest rates to rise and stock markets to crash.

The vote to raise the debt ceiling is a temporary fix. The government will need to raise the debt ceiling again in the future. However, the vote is a sign that Democrats have enough votes to overcome Republican opposition and avoid a default.

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