October 15, 2021
Congress Temporarily Raises Debt Ceiling
Congress narrowly avoided defaulting on the U.S. debt last week by voting to temporarily raise the debt ceiling until December 3rd. This is the 100th time Congress has raised the debt limit. Despite the national debt being used as a political bargaining chip, historically, both parties have always reached an agreement to ensure the U.S. does not default. As Treasury Secretary Janet Yellen has pointed out, defaulting could lead to an economic catastrophe. While Democrats are insisting that raising the debt ceiling must be bipartisan due to both parties’ role in driving up the debt, the reconciliation process may provide a path to raising the limit should an agreement not be reached.