The Senate has passed a bill which raises the debt ceiling by $2.5 trillion. This is a step in the right direction to stop a government default that would have happened within a few days. This would be the first ever default, and would have caused people to doubt the US government and lose faith in it. The US treasury, the part of the US government responsible for money, said they would run out of money soon after tomorrow. The bill passed with a 50 – 49 vote, with all the Democrats voting for the bill, and all the Republicans voting against the bill. One Republican was absent today, causing there to be an odd number of voters. This bill will now go to the House, where there is a strong likelihood of it being passed, since the House is controlled by Democrats. If approved there, it will then go to Pres. Biden to be signed. A government default is when the government is unable to pay its bills. This has never happened, but there have been times when it has been close to happening.
Source: https://www.nytimes.com/2021/
