House of Representatives will decide on extending the US debt limit through early December through a vote on Tuesday. The Senate last week voted 50-48 in favour of the measure after Democrats and Republicans reached an agreement to end an impasse over the short-term extension which will be cleared for President Joe Biden’s signature after it is approved in the Democratic-controlled House.

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US Treasury Secretary Janet Yellen has warned of catastrophic consequences if the debt limit is not increased. She told the Congress last month that Treasury Department will likely exhaust all of its “extraordinary measures” to avoid an unprecedented default on the government’s obligations by October 18, raising pressure on Democrats and Republicans to reach a deal on the issue.  “At that point, we expect Treasury would be left with very limited resources that would be depleted quickly,” she said in a letter to the Congress.

Also read: US government shutdown: Possible impacts of US Congress’ disagreement

Senate Minority Leader Mitch McConnell came up with a debt ceiling proposal as both parties publicly lent support to measures that would save the country from catastrophic economic consequences. McConnell, however, warned President Joe Biden in a latter that he would not support Democrats in raising the debt ceiling again if the “government drifts into another avoidable crisis.”

House Majority Leader Steny Hoyer said there was an immediate need to address the debt limit and “ensure the full faith and credit of the United States remains intact,” according to Associated Press. 

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Both Democrats and Republicans have used the debt ceiling votes as a leverage against each other. House Speaker Nancy Pelosi threatened to vote against raising the debt ceiling during Donald Trump’s presidency on grounds that she didn’t want to enable Republicans to give another tax break to the rich. And Republicans in 2011 pushed President Barack Obama into accepting about $2 trillion in deficit cuts as a condition for increasing the debt limit.