District of Columbia — The House of Representatives voted on Thursday to pass a bill that increases spending limits for 2020 and 2021 and suspends the borrowing limit for two years. The measure passes as Congress prepares to depart for August recess, completing one of the most important measures on the docket this year legislatively. Appropriation bills are still a priority for Congress when they return in September, as the fiscal year ends on September 30th.
Treasury Secretary Steven Mnuchin warned Congress about the dangers of not passing a debt ceiling bill before September, as the United States faced the possibility of defaulting on debt. The possibility of that happening, which would in turn affect the entire global economy, was frightening enough to push President Donald Trump and House Democrats into an agreement with a presidential endorsement. The bill also stops spending cuts set to take place next year, but the national deficit is quickly approaching a $1 trillion per year deficit in the next few years.
With the passage, which happened with a vote of 284-149, the measure now heads to the Senate where senators are expected to pass it and send it to President Trump’s desk for his signature. Republican senate leaders were hesitant on the measure, as they weren’t confident President Trump would sign it if sent to his desk.