WASHINGTON, D.C. — Tuesday, October 12, 2021, house members will vote to approve a short-term increase of the country's debt limit.
The Senate passed a $480,000,000 dollar increase last week. The house is expected to easily pass it so President Joe Biden can quickly sign it into law.
The increase makes sure the government will not default on any of its loans into December, 2021, when lawmakers will face this issue once again.
Treasury secretary Janet Yellen has warned a default would have caused a recession in the U.S. and created financial problems around the world.