WASHINGTON: US lawmakers rubber-stamped a short-term bill to lift the nation's borrowing authority on Tuesday , averting the threat of a first-ever debt default - but only for a few weeks.
Republicans refused to offer any of their own votes to avert the crisis, and even blocked Democrats who control Congress from lifting the limit on their own, via a simple majority. The United States spends more money than it collects through taxation so it borrows money via the issuing of government bonds, seen as among the world's most reliable investments.The ceiling has been lifted dozens of times to allow the government to meet its spending commitments - usually without drama and with the support of both parties - and stands at around US$28 trillion.
"This is about meeting obligations that the government has already incurred, including from the bipartisan COVID-19 relief or legislation passed last year," Pelosi said.
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