WASHINGTON, Oct 13 — US lawmakers rubber-stamped a short-term bill to lift the nation’s borrowing authority Tuesday, averting the threat of a first-ever debt default — but only for a few weeks.
Democratic leaders had spent weeks underlining the havoc that a default would have wrought, including the loss of six million jobs and US$15 trillion in household wealth as well as increased costs for mortgages and other borrowing. The new arrangement merely kicks the can down the road, possibly to complicate another major funding deadline — a shutdown that would begin from December 3 when the government’s coffers theoretically run out.Economists estimate that the nation will reach the new, revised debt limit sometime in mid-December or early January — slightly later than the December 3 date that Congress originally projected.
In reality, raising the debt ceiling doesn’t authorize new spending — it merely pays for expenses that both Republican and Democratic administrations have already committed to. The absurdity of regularly risking a recession — not to mention America’s credit rating and the stability other major economies — over partisan squabbling has not been lost on Congress.
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