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President Biden signed legislation on Thursday, October 14, to increase the debt ceiling. The approval came after a protracted standoff with Senate Republicans. The legislation provides an additional $480 billion in debt, bringing the total allowed debt to $28.9 trillion. The increase is expected to provide borrowing room until December 3, setting up another fight during what is already expected to be a hectic period.
Senate Republicans have insisted that Democrats use a budgetary maneuver to increase the debt limit without Republican support. Democrats have resisted that option, arguing that the current ceiling includes spending and tax policies passed during the Trump Administration.
Congress must also fund the government for FY 2022 by December 3, and it’s possible that Congressional Democrats will still be working to complete their reconciliation bill that contains many of President Biden’s spending and tax priorities. While House Speaker Nancy Pelosi (D-CA) set an October 31 deadline to resolve intraparty differences with that package, the disagreement remains over how to shrink the overall price tag to meet the demands of Senators Joe Manchin (D-WV) and Kyrsten Sinema (D-AZ).
For more information contact Phillips Hinch, ICSC Vice President, Tax Policy, at phinch@icsc.com.