Washington, Nov 30, : .The House of Representatives is considering a new spending measure to stop the federal government from being shut down until mid-to-late Jan, according to local media. Bloomberg reported that the House’s decision to extend government funding into January would allow US lawmakers some breathing room to address other pressing issues, citing a source familiar with the matter.
The report stated that US lawmakers are under time pressure to pass the annual defense bill, avoid default on the debt limit, and finalize President Joe Biden’s tax and spending policy bills.
It also warned that any missteps in the funding bills or debt ceiling could have devastating consequences for the country as well as the party at power.
The September short-term spending bill was passed by the US Congress to fund the federal government through December 3.In October, Congress passed a bill to increase the federal government’s debt limit to $480 billion.This will allow the Treasury department to meet its obligations through December 3.
Janet Yellen, US Treasury Secretary, urged Congress to increase the debt limit by December 15, in a November letter to Congressional leaders, Xinhua news agency reported.
“To ensure full faith and credit of the US it is crucial that Congress raises or suspends the debt limit as quickly as possible,” Yellen stated.
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