Connect with us

Hi, what are you looking for?

World

An agreement was reached by which the US government could avoid bankruptcy

An agreement was reached by which the US government could avoid bankruptcy

May 28, 2023 – 10:14 AM

After several months of negotiations, US President Joe Biden and Republican House Speaker Kevin McCarthy succeeded Saturday night in reaching an agreement on suspending the $31.4 trillion debt ceiling, which would avoid bankruptcy of the US government, he wrote. Reuters. Without the agreement, the US government would not have been able to fulfill its June 1 commitments.

The announcement of the agreement was not formal, which reflects the mood of the previous negotiations. I spoke with the president on the phone recently. After months of wasting time and refusing to negotiate, we now have an agreement in principle befitting the American people,” Kevin McCarthy tweeted.

Joe Biden called the agreement an important step forward. “The current agreement is a compromise, which means that not everyone gets what they want,” he said.

According to the agreement, the debt ceiling will be suspended until January 2025, in addition, spending will be restricted in the 2024 and 2025 budgets, unused Covid funds will be withdrawn, and additional requirements will be introduced for food aid programs for those in need.

Find us on Facebook too!

See also  Index - Economy - Revolution customers may be concerned: Balance sheet irregularities
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Top News

In a harrowing incident that has shaken the community of Lewiston, Maine, a series of shootings on Wednesday evening resulted in a tragic loss...

Top News

President Joe Biden’s abrupt departure from a speech on the U.S. economy at the White House on Monday sent a ripple of speculation and...

World

Chinese scientists have discovered a little-known type of ore containing a rare earth metal highly sought after for its superconducting properties. The ore, called...

Tech

A dangerous application appeared in the Apple App Store disguised as a known program. 24.hu reported the Based on TechCrunch article. Dangerous app in...

Copyright © 2024 Campus Lately.