USA already has a new debt ceiling. The Senate, which is under Democratic control, this Thursday approved the agreement reached between the White House and Republicans to raise the debt ceiling, preventing the country from delaying payments. With 63 votes in favour, 36 against, the bill cleared the final legislative hurdle before ending up in the Oval Office, where President Joe Biden was able to sign his signature.
The design was approved by Senate a day after the House of Commonsin the hands of the Republicans, give him his approval and four days before the end of the Department of Treasury where the US could have default on its national debt. “The United States can breathe a sigh of relief, because with this process we avoid a default,” said the leader of the Democratic majority in the House of Representatives, Chuck Schumer, shortly before the vote.
With these words, Schumer announced an agreement with a group of senators wayward Republicans who had recently threatened to prolong the trial if the The Democrats were not obliged to secure the budget For defense, it can be increased more than provided for in the agreement itself. After his speech, he began a long process of proposing amendments, but this did not prevent the project from being ratified, as it had been approved by the House of Representatives the day before.
The agreement made during the Weekend between the White House and the Republicans of The House of Commons is considering, including caps on spending on programs funded by Congress in areas such as health, education, justice, and environmental protection. Under this pact, non-defense spending in the country will remain the same Fiscal year 2024 and will increase by 1% in the fiscal year 2025. It also tightens work requirements for access to benefits like food stamps and cuts $28,000 million not allocated to pandemic relief programs.
Cut off part of it in parallel new funds destined for the state treasury to reassign them to non-defense posts, and is considering resuming payment by university students of the debts they have accumulated. Following the vote, which ended around 11:00 p.m. (03:00 GMT Wednesday), Schumer defended the project for meeting three “extremely important” goals: avoiding a suspension of payments and retaining the majority of investments previously approved by Biden and the Eliminate the most extreme Republican proposals.
“Today’s result is good news for our economy and for the “American families,” the Democrat said. Biden himself echoed the same sentiments, in a statement issued shortly after the vote, saying he hoped to sign the rule “as soon as possible” and announcing that he would deliver a speech on the rule on Friday topic will keep. The approval of the pact was also celebrated by the secretary US Treasury Secretary Janet Yellen in a statement also criticizing the use of the debt ceiling for negotiations.
“I remain convinced that America’s faith and credit should never be used as a bargaining chip,” the official said. The debate in the Senate began around 2:30 p.m. (6:30 p.m. GMT) this Thursday. bit to Bidenback at the White House after attending an Air Force graduation ceremony in Colorado where he suffered a spectacular fall, received a call from former President Barack Obama said the ex-president was interested in the votes in Congress.
The Approval of the agreement in both chambers of Congress It has been crucial for the country not to default on its national debt after hitting the debt ceiling last January, the legal limit on the money the US can borrow to meet its obligations.