WASHINGTON (Pakistan Point News / Sputnik - 08th October, 2021) The US House of Representatives will cut its recess short and reconvene next week if the Senate passes a bill for a short-term lifting of the Federal debt ceiling, Speaker Nancy Pelosi said in a letter to her Democratic colleagues.
"We have also been working to protect the full faith and credit of the United States," Pelosi said on Thursday. "At this writing, the Senate is engaged in hours of debate that will lead to a vote to lift the debt ceiling. Hopefully that will occur and if it is necessary for members to return early, Leader (Steny) Hoyer will give sufficient notice as promised."
The US Senate is scheduled to vote on Thursday night on a bill to temporarily raise the debt ceiling by $480 billion that which will allow the government to pay its bills until December 3.
The US national debt stands at $28.4 trillion.
US Treasury Secretary Janet Yellen posited in a letter to Congress that failing to raise the debt ceiling could cause an economic crisis of enormous proportions.
