US President Joe Biden and Congress agreed to raise the country’s national debt ceiling.
US President Joe Biden reached an agreement with Congress to raise the national debt limit, which would allow the country to neutralize the threat of default. This was reported by the press service of the White House on Sunday, May 28.
Biden and Speaker of the House of Representatives Kevin McCarthy reached a tentative agreement to end the $31.4 trillion government debt.
“Speaker McCarthy and I have reached a budget agreement. This agreement is good news for the American people, because it avoids what could be a catastrophic default and lead to an economic recession with depleted savings in retirements and the loss of millions of jobs,” he said. Biden.
The US President added that the text of the bill will be finalized and sent for approval to the House of Representatives and the Senate. He urged both houses of Congress to approve the agreement immediately.
“I recently spoke with the President on the phone. After he wasted his time and refused to negotiate for months, we reached an agreement in principle that the American people deserve,” McCarthy wrote on Twitter .
It will be remembered that now the threshold of the public debt of the United States is set at 31.4 trillion dollars. The country reached this limit in January 2023.
For the first time, the US national debt will exceed $30 trillion in January 2022.
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Source: korrespondent
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.