The U.S. House of Representatives approved a bill to limit the national debt.
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According to Reuters, such a decision will allow the country to avoid default and financial crisis. The document was supported by 314 congressmen, 117 voted against.
The United States in January 2023 reached the debt ceiling of $31.4 trillion. According to the adopted bill, the ceiling is not increased to a certain level, but canceled until January 2025.
Now the bill will be approved by the US Senate, after which it will be signed by the president.
Joe Biden called the agreement reached “good news for the American people and the American economy.”
I urge the Senate to pass it as soon as possible so that I can sign it into law,” the US President added.
The BBC writes that the US has gone from default and crisis in the world’s largest economy, which would inevitably lead to problems on a planetary scale. On Thursday night, the opposition-controlled lower house of the US Congress approved a compromise between Democratic President Joe Biden and the Republicans and allowed the US national debt to rise above the already reached record $31.4 trillion.
Republicans have a majority of just 222 years in the House of Representatives, with a required 218. On the issue of ending the debt ceiling, many of them were unhappy with Speaker Kevin McCarthy’s agreement with Biden and voted “no”, so the votes of the Democratic minority were required to approve the agreement.
In the end, 314 members of Congress voted yes. 117 voted against – 71 Republicans and 46 Democrats.
Without an agreement on the debt ceiling, the money for current payments, previously approved by Congress, would run out in a week, and for the first time in its history, the US would be unable to pay its bills.
Source: Racurs
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.