The House on Tuesday voted to reject a bill that would let the heavily indebted U.S. government borrow more money without any strings attached. The vote was 97 to 318, with 82 Democrats joining 236 Republicans in voting against the move. Republicans say the vote shows the president that Congress is unwilling to increase the debt ceiling unless the White House accepts deep cuts in federal spending.
The federal government reached the current debt ceiling of $14.3 trillion in mid-May, but the Treasury says it can keep the U.S. from defaulting on its debt until early August.
Unless the debt ceiling is raised, the U.S. would eventually run out of borrowing authority to pay its bills. Such a scenario, though unlikely to occur, could severely roil financial markets and damage the economy.
The federal government reached the current debt ceiling of $14.3 trillion in mid-May, but the Treasury says it can keep the U.S. from defaulting on its debt until early August.
Unless the debt ceiling is raised, the U.S. would eventually run out of borrowing authority to pay its bills. Such a scenario, though unlikely to occur, could severely roil financial markets and damage the economy.
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