WASHINGTON (AP) — Members of the House are scrambling back to Washington Tuesday to approve a short-term lift of the nation’s debt limit and ensure the federal government can continue fully paying its bills into December.
The $480 billion increase in the country’s borrowing ceiling cleared the Senate last week on a party-line vote. The House is expected to approve it swiftly so President Joe Biden can sign it into law this week. Treasury Secretary Janet Yellen had warned that steps to stave off a default on the country’s debts would be exhausted by Monday, and from that point, the department would soon be unable to fully meet the government’s financial obligations.
A default would have immense fallout on global financial markets built upon the bedrock of U.S. government debt. Routine government payments to Social Security beneficiaries, disabled veterans and active-duty military personnel would also be called into question.
“It is egregious…