This agreement is good news for the American people and the American economy, said President Joe Biden.
The US House of Representatives on Wednesday approved a bill to suspend the $31.4 trillion debt ceiling with majority support from both Democrats and Republicans. Reuters reported this on Thursday, July 1.
“The Republican-controlled House of Representatives voted 314-117 to send the bill to the Senate, which must pass it and put it on the table for President Joe Biden on Monday, when the federal government is expected to run out of money to pay the bills,” the statement said. message.
After the vote, Biden said that “this agreement is good news for the American people and the American economy.” The President urged the Senate to pass the agreement as soon as possible so he can sign it into law.
The measure, a compromise between Biden and House Speaker Kevin McCarthy, drew opposition from 71 hardline Republicans. That would normally be enough to block partisan legislation, but 165 Democrats – more than the 149 Republicans who voted for it – supported it. event and pushed it,” the newspaper wrote.
The bill suspends—in effect, temporarily removes—the federal government’s borrowing limit until Jan. 1, 2025. The term allows Biden and Congress to postpone the politically risky issue until the presidential election in November 2024.
It will also cover some government spending over the next two years, speed up the approval process for certain energy projects, restore unused funds for COVID-19, and expand work requirements for food assistance to include additional recipients.
Hardline Republicans have demanded deeper spending cuts and tougher reforms.
“Republicans are forcing us to decide what vulnerable Americans are going to eat or they’re going to take us into default. It’s not right,” said Democrat spokesman Jim McGovern.
Late Tuesday night, the nonpartisan Congressional Budget Office said the bill would save $1.5 trillion over a decade.
In the Senate, leaders of both parties said they hoped to pass the legislation by the end of the week. But a potential delay in voting on the amendments could worsen the situation.
Debates and votes in the Senate could last for the weekend, especially if any of the 100 senators attempt to slow down the passage of the law, the agency said.
Earlier, the White House said the increase in the US national debt limit would not have an impact on aid to Ukraine. In December 2022, Biden signed into law a $45 billion aid package to Ukraine as part of the year-end spending bill. Administration officials said it should last until the end of this fiscal year this September.
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.