Around 80 years ago, lawmakers introduced a limit on how much federal debt could be accrued. It isn't legal to raise the debt limit to cover future spending; it could only pay for past obligations and much of the $28-trillion national debt was accrued by Republican administrations. McConnell had been insisting since July that Democrats suspend the debt limit with no Republican help through a laborious and partisan process known as budget reconciliation. 'Uncertainty'Thursday's legislative Band-Aid buys the Democrats time to pass a longer term debt limit extension although they are still refusing to pursue reconciliation. And since it requires no help from Republicans, they worry that they will be forced to carry the political stigma of the $28-trillion-and-rising federal debt alone.

Source: Manila Times October 08, 2021 15:56 UTC