President Biden announced that he will sign the bill today, which allows the suspension for two years – until January 1, 2025, i.e. the period after the presidential election in November 2024 – of the maximum borrowing limit of the American government ($31.4 trillion ).
“Nothing would be more irresponsible, nothing would be more disastrous” than the US defaulting for the first time in the country’s history, President Joe Biden said in a speech from the Oval Office of the White House, welcoming the compromise between Democrats and Republicans in Congress and the passage of the bill that suspends the debt limit until 2025.
President Biden announced that he will sign the bill today, which allows the suspension for two years – until January 1, 2025, i.e. the period after the presidential election in November 2024 – of the maximum borrowing limit of the American government ($31.4 trillion ).
“No one got everything they wanted, but the American people got what they needed,” Biden said, emphasizing that the deal was the result of compromise. He also praised the Republican president of the House of Representatives, Kevin McCarthy, for the outcome of the negotiations. “We were completely honest with each other and there was mutual respect. Both sides acted in good faith,” he noted.
According to the US Treasury Department, the world’s largest economy had until Monday, June 5 to avoid default.
The deal was overwhelmingly approved Wednesday by the House of Representatives (314-117) and Thursday by the Senate (63-36).
Source :Skai
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