WASHINGTON, May 29. /TASS/. The House Rules Committee on Tuesday will consider a bill to raise the US national debt ceiling until January 1, 2025 in order to prevent a default in the country.
This is according to a notice distributed by the committee on Monday.
The hearing on the issue is set to start at 10:00 p.m. Moscow time. The committee must agree on normative matters so that the full House of Representatives can vote on the bill. This is expected to happen on May 31st. Then the document is to be approved by the Senate, after which it will be signed by US President Joe Biden. The American leader previously called on both houses of Congress to approve the initiative.
Late last week, the White House and Republicans in Congress reached an agreement to raise the US national debt ceiling until January 1, 2025. The bill agreed by the parties provides that in fiscal year 2024, $886 billion will be allocated for defense, $121 billion for veterans' medical care, and $637 billion for other non-defense programs.
In January, the United States exceeded the legally set debt ceiling of $31.4 trillion. After that, the US Treasury had to use emergency measures to stay afloat. In recent months, the US administration has called on Congress to raise the national debt ceiling.
Republicans, who control the House of Representatives, agreed to raise the debt ceiling but only on the condition that government spending would be significantly cut. The White House subsequently rejected these demands, saying that it was ready to discuss spending cuts, but lawmakers should raise the debt ceiling without any conditions.
On Monday, US President Joe Biden and US House Speaker Kevin McCarthy announced a bipartisan agreement to raise the national debt ceiling, eliminating the threat of a catastrophic default.