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Washington mdash; The House on Tuesday approved a short-term extension of the debt ceiling, which would temporarily avert a fiscal crisis but tees up a second showdown over the federal government s borrowing limit in the coming weeks. The resolution passed along party lines, 21
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9-206, with no Republicans voting for it.The measure raises the debt limit by $480 billion, the amount the Biden administration says is necessary to pay the nation s debts until early December. The bill now heads to Presiden
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t Biden s desk for his signature, since the Senate already approved it. Many House members voted by proxy Tuesday evening, since the House has been in recess. The increase in the debt limit was included in a rule alongside three other bills.House Speaker Nancy Pelosi told her Democratic colleagues in a letter on Monday she hopes the debt limit increase will be approved with their unanimous support. On the House floor ahead of the vote Tuesday, Pelosi said a failure to lift the debt limit could result in the loss of up to 6 million
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jobs, eliminate $15 trillion in household wealth, and a drastic increase in the cost of loans, mortgages and student loans. She also noted Congress has voted to increase the debt limit 78 times in recent decades, with the majority of those votes taking place under a Republican president. The short-term extension cleared the Senate in a party-line, 50-48 vote last week, bringing an end to a weeks-long impasse between D Ajfb Senate kills two student loan proposals
House Democrats and Republicans pushed dueling economic aid plans Monday as they jockeyed for political advantage on addressing a crisis that is shaping the last weeks of a high-stakes election.Democrats scheduled hearings to consider a postelection stimulus package that could cost as much as $150 billion. Republicans, spooked by an issue that has damaged their presidential nominee John McCain as well as GOP House and Senate candidates, searched for traction in the debate, calling for more tax cuts and energy exploration to stabilize the economy.Leade
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rs of both parties appeared eager to pivot, three weeks from Election Day, from backing a $700 billion bailout for Wall Street firms, to advocating more economic aid for their constituents. We re at a time where we have to tighten our belt, take our
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selves into survival mode, said House Speaker Nancy Pelosi, D-Calif., after a meeting with economic experts at the Capitol. We plan to go forwa
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rd expeditiously, but not hastily after being steamrolled on the financial industry rescue.Pelosi would not put a pricetag on the package, but she said it might have to be larger than a $61 billion bill that passed the House mostly along partisan lines last month but died in the Senate. She has said a plan costing $150 billion is needed. Extending jobless benefits and spending federal money on infrastructure projects like roads and bridges, as well as sending food aid to the poor and money to s