Temporary Public Debt Limit Extension Until December 2022
This act temporarily raises the government's borrowing limit until December 16, 2022. This allows the government to continue borrowing to cover its current expenses and obligations, preventing potential financial disruptions that could affect benefits, salaries, or public services. After this date, the limit will automatically increase by the amount necessary to cover obligations incurred up to that day.
Key points
The government can borrow more money until December 16, 2022, to fund current expenses.
After December 16, 2022, the debt limit will automatically increase to cover previously incurred obligations.
This change aims to avoid payment issues for public services and benefits.
Expired
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