The United States of America is inflating the debt balloon even further, but according to Joe Biden, the American people have achieved a great victory.
The US Senate passed it on Thursday Atmosphere Biden A bipartisan law backed by the president, raises the upper limit of the national debt to 31 thousand billion, and thus the state avoids bankruptcy.
As MTI recalls, the House of Representatives has already passed a law on raising the debt ceiling, which should allow the state to borrow another $1,500 billion. The Senate voted 63-36 to pass the House bill on Wednesday as lawmakers raced against time after months of partisan politics between Democrats and Republicans. Before the final vote, the senators made nearly a dozen amendments, but in view of the urgent June 5 deadline, they were all rejected at the late-night meeting. The reason for this haste and how big the problem was, he indicates
After the vote, Biden noted with satisfaction that the legislature acted on time. The president said that this bipartisan agreement is a great win for their economy and for the American people, and he also stated that he would sign the agreement as soon as possible.
This legislation suspends the legal limit on federal borrowing until January 1, 2025. Unlike most other developed countries, the United States limits the amount of debt the government can take on, regardless of legislative appropriations.
